At the start of Monday’s trading, the EUR/USD started a surge, which by the middle of the day had almost reached the 1.2050 mark. The surge started in the aftermath of the rate finding support in the zone below the 1.1950 mark.
In the case of the surge continuing, the pair could find resistance in the weekly R2 simple pivot point at 1.2075 and afterwards the 1.2100 level, which provided resistance in early March.
On the other hand, a potential decline could look for support in the zone just below the 1.2000 mark and the 55 and 100-hour simple moving averages.
