The resistance of the 1.2100 level held, as the currency exchange rate bounce off it and began a decline. By the middle of Thursday’s trading, the rate’s decline was heading down to the 1.2000 level. The rate was expected to reach this level, as the support zone near 1.2020 and the weekly S1 simple pivot point at 1.2011 did not manage to stop the rate’s decline on Monday.
In the case of the 1.2000 providing enough support for the pair to recover, it could once again test the resistance of the 1.2100 level. However, note the resistance of the 55 and 100-hour simple moving averages at 1.2060 and 1.2070.
On the other hand, if the 1.2000 fails to hold, the pair would have no technical resistance as low as the weekly S2 simple pivot point at 1.1946. In addition, the 1.1950 mark could provide psychological support.
