The 200-hour simple moving average’s support held, and the EUR/USD began a surge. The surge managed to break the resistance of the high-level zone near 1.1620 and the weekly R1 simple pivot point at 1.1644. During the early hours of Tuesday’s trading, the rate had reached the 1.1660 level.
A potential continuation of the surge would most likely face resistance at 1.1685 where the weekly R2 simple pivot point could slow down the surge. Above the pivot point, the 1.1700 mark and a 61.80% Fibonacci retracement level might provide additional resistance.
On the other hand, a decline might find support first in the weekly R1 simple pivot point at 1.1644 before possibly finding support in the previous high-level zone at 1.1620. In addition, note that the 1.1620 mark could be strengthened by the 55, 100, and 200-hour simple moving averages.
