At mid-day on Wednesday, the EUR/USD plummeted, as it passed one weekly simple pivot point after another until it found support in the 1.1590 level. By Thursday’s European morning hours, the rate had been consolidating by trading sideways between the 1.1590 and 1.1610 levels.
In the near term future, the rate was most likely going to decline, as it had no technical support. Due to that reason, round exchange rate levels are highly likely going to provide support. Namely, the 1.1550 and 1.1500 could stop a potential decline of the EUR/USD.
However, the rate can be considered oversold, as it has left far above it the 55, 100 and 200-hour simple moving averages. In the case of a potential recovery, the pair would face the resistance of the weekly S3 and S2 simple pivot points at 1.1613 and 1.1648.
