EUR/USD reaches above 1.1300

Source: Dukascopy Bank SA


On Wednesday, the recovery of the Euro against the US Dollar continued to surge, as the pair breached the weekly R1 simple pivot point at 1.1293 and the 1.1300 mark. By the middle of the day's trading, the pair had reached above 1.1320.

If the pair continues to surge, the EUR/USD could eventually reach the 1.1365 mark, which acted as resistance and support during January. In addition, take into account that the 1.1350 mark might act as resistance. Meanwhile, note that there are no close by technical resistance levels as high as the 1.1434 level. At that level, the weekly R2 simple pivot point is located at.

On the other hand, a decline of the Euro against the USD would most likely look for support in the 1.1300 mark and the weekly R1 at 1.1293, before aiming at the 50 and 200-hour simple moving averages at the 1.1250 level.
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