Since the middle of Monday’s trading, the EUR/USD has traded sideways between the support of the 1.1910/1.1915 and the resistance of the 1,940.00 level. In addition, resistance was being provided by the 55 and 100-hour simple moving averages.
In the near term future, the rate could be pushed through the support of the 1.1910/1.1915 zone by the resistance of the 55 and 100-hour simple moving averages. The SMAs began to provide resistance to the pair on Tuesday morning. In the case of the rate declining, it would have no technical support as low as the weekly S1 simple pivot point at 1.1865.
On the other hand, if the SMAs fail, the rate would most likely test the first resistance of the 1.1940 level and afterwards the 1.1960 mark. Both of these levels had provided resistance to the rate during Friday’s trading.
