EUR/USD tests resistance of 1.1400

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Source: Dukascopy Bank SA


In the aftermath of the release of the US FOMC Meeting Minutes, the US Dollar's value declined. Due to that reason the EUR/USD currency exchange rate approached the resistance of the 1.1400 mark, which was strengthened by the 200-hour simple moving average and the weekly simple pivot point.

If the pair reached above the 1.1400 mark, the Euro would face no resistance against the US Dollar as high as the weekly R1 simple pivot point at 1.1463. Above the pivot point, note the resistance zone of the February high levels at 1.1472/1.1495.

On the other hand, a failure to pass the 1.1400 mark could result in a decline. A potential decline could first look for support in the combination of the 50 and 100-hour simple moving averages near 1.1350. Further below, note the 1.1300 mark and the weekly S1 simple pivot point at 1.1298. However, take into account that the 1.1300 level was passed on Monday, and the 1.1280 level acted as support.
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