After a test of the resistance of the 1.1950 mark, the EUR/USD eventually declined below the support of the 1.1915/1.1910 zone. Afterwards, the pair found support in last week’s low levels at 1.1882/1.1888.
Since Tuesday’s GMT afternoon hours, the pair was trading sideways between the two mentioned zones. In the meantime, the rate was being approached by the resistance of the 55 and 200-hour simple moving averages.
In the case of the 55 and 200-hour simple moving averages providing enough resistance, the pair could decline to the 1.1882/1.1888 support zone and make an attempt to pass it. If the zone would be passed, the EUR/USD could reach for the weekly S1 simple pivot point at 1.1865.
On the other hand, a failure of the SMAs would most likely result in the pair continuing to trade sideways between the two zones. Meanwhile, note that a break out upwards was highly unlikely due to the resistance of the 55 and 200-hour SMAs.
