On Tuesday, the EUR/USD found support in the December 29 low level at 1.1275 and the 1.1280 mark. The following surge passed the resistance of the channel down pattern, which recently guided the pair down.
In addition, the technical resistance of the 50, 100 and 200-hour simple moving averages and the weekly S1 simple pivot point were passed. By the middle of Wednesday’s European trading hours, the currency exchange rate had no technical resistance as high as the weekly simple pivot point at 1.1345.
A surge above the simple weekly pivot point at 1.1345 might test the resistance of the 1.1360 level and the zone below it. Higher above, take into account the December high levels at 1.1381/1.1386.
On the other hand, a potential decline could find support in the 100 and 200-hour simple moving averages near 1.1320. Afterward, the weekly S1 might stop a decline near 1.1304. In addition, the 1.1300 mark and the 50-hour simple moving average might act as support.
