EUR/USD struggles with 1.1200

Source: Dukascopy Bank SA


Since Wednesday, the EUR/USD is finding support near the 1.1120 level. Meanwhile, resistance is encountered at 1.1200/1.1215. In addition, the pair is impacted by the combination of the 50, 100 and 200-hour simple moving averages near 1.1150.

A move above the 1.1200 mark could face resistance in the 1.1223 level, where the weekly R1 simple pivot point is located at. Higher above, note the weekly R2 at 1.1284 that might act as resistance, before the EUR/USD reaches the 1.1300 mark.

On the other hand, a decline of the Euro against the USD is set to look for support in the 50, 100 and 200-hour simple moving averages, the weekly simple pivot point at 1.1153 and possibly the 1.1150 level. If these levels fail to hold, the pair could once again look for support in the 1.1120 level.
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