The 1.3950 level managed to hold on Thursday. It resulted in a decline to the support of the 1.3900 level. During the morning hours of Friday’s European trading hours, the 1.3900 mark continued to provide support.
In regards to the near term future, the rate should face the resistance of the 55-hour SMA near 1.3925. Above it, remains the resistance of the 1.3950 and 1.4000 levels, which both have held and caused declines during Thursday’s trading.
On the other hand, support is being provided by the 100 and 200-hour SMAs and the weekly simple pivot point near 1.3910. Below that, the 1.3900 level provides support. In the case of the 1.3900 mark being passed, the rate could look for support in the 1.3860 level and afterwards the weekly S1 simple pivot point at 1.3813.
