EUR/USD remains below 1.1800

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Source: Dukascopy Bank SA


Since Friday, the EUR/USD has been kept down by the combined resistance of the 1.1800 level and the 55-hour simple moving average. In the meantime, it was spotted that since Thursday the rate has been finding support in the 1.1763 level.

In the near term future, the rate was expected to get squeezed into the 1.1763 level by the declining 55-hour SMA.

If the 1.1763 level fails to provide support and would be passed, the rate could reach for the weekly S1 simple pivot point at 1.1722. Afterwards, the 1.1700 mark might be reached, if the pivot point does not provide support.

On the other hand, if the resistance of the SMA fails, a potential surge could be stopped by the 1.1800 level. In the case of the 1.1800 mark not providing resistance, the EUR/USD would most likely reach the 100-hour SMA near 1.1810.
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