The EUR/USD first daily review reveals that the currency exchange rate was standing at a strong technical support cluster at 1.1420. The cluster was made up of the 100 and 200-hour simple moving averages and the weekly pivot point.
The rate is either going to clearly bounce off the mentioned support clusters and surge up to the 55-hour SMA at 1.1450 and afterwards the 1.1460 level where the 50.00% Fibonacci retracement level is located at.
On the other hand, the support cluster can be broken. In that case the rate will immediately test the technical support of the monthly pivot point at 1.1408 level.
