EUR/USD currency exchange rate found support in the 100-hour simple moving average on Wednesday and began a recovery. By the middle of Thursday’s trading, the pair continued to be pushed up by the 100-hour SMA.
In the near term future, the rate was expected to once again test the resistance of the 1.2080 level and the weekly R2 simple pivot point at 1.2075.
If the pair manages to pass these levels, the pair would most likely encounter resistance in the 1.2100 mark and afterwards the weekly R3 simple pivot point at 1.2156.
On the other hand, a hold out of the 1.2080 level would result in the rate’s testing of the combined support of the 55 and 100-hour simple moving average and the weekly R1 simple pivot point near 1.2030. A failure of these levels could result in a decline to the support cluster near 1.2000.
