By the middle of Wednesday’s European trading hours, the EUR/USD currency exchange rate had declined to the support of the 100-hour simple moving average and the 1.2000 mark.
In the near term future, if the rate passes the support of the 1.2000 level, it would look for support in the March and April high level zone that surrounds the 1.1990 level. If this level would be passed, the rate could reach for the 200-hour simple moving average near 1.1965.
On the other hand, a potential recovery of the rate most likely could encounter resistance in the combination of the weekly R1 simple pivot point and the 55-hour simple moving average at 1.2030. Afterwards, the weekly R2 and the 1.2080 level could provide resistance.
