EUR/USD passes support levels

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Source: Dukascopy Bank SA


On Tuesday, the support of the 1.1875/1.1885 zone failed to keep the rate up. In addition, the currency exchange rate passed the support of the weekly S1 simple pivot point at 1.1856.

On Wednesday, it appeared that the 1.1850 level was providing resistance to the rate. Meanwhile, by the middle of the day the rate had reached below 1.1820.

In the case of a decline, the rate could test the support of the weekly S2 simple pivot point at 1.1808 and the 1.1800 mark. If these levels fail to provide support, the rate could reach for the 1.1750 mark and the weekly S3 at 1.1741.

On the other hand, a potential surge would test the 1.1850 level and the weekly S1 at 1.1856. If these levels fail to keep the rate down, the EUR/USD could reach for the 1.1875/1.1885 zone, which could be strengthened by the hourly simple moving averages.
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