The EUR/USD recovery found resistance in the 1.1640 level on Monday. Afterwards, a decline began, which during the Tuesday morning hours had reached below the support of the 100 and 55-hour simple moving averages. Moreover, the pair had reached below the 1.1600 mark.
If the pair continues to decline, it would do so due to the resistance of the 55 and 100-hour simple moving averages near 1.1600. A potential decline would look for support in the September 30 low level zone at 1.1562/1.1569. Below this zone, the 1.1500 mark could act as support.
On the other hand, a failure of the simple moving averages to provide resistance might result in the pair reaching the weekly simple pivot point at 1.1631 and the 1.1640 mark. Above these levels, the 200-hour SMA is capable of providing resistance near 1.1650.
