The EUR/USD pair on Monday morning continued the surge, which it began on Friday. By the middle of the day’s trading session the currency pair had reached the 1.1380 level.
At that level three technical levels of significance were providing resistance. Namely, the 55, 100 and 200-hour simple moving averages were located near the 1.1380 level. In addition, exactly at the 1.1380 level the new weekly pivot point was located at.
The pair has two possible future scenarios. It will either break the technical resistance and surge up to the 1.14 level, or it will bounce off of it and resume its decline. In the case of a decline there are no technical support levels as low as the 1.13 level.
