The EUR/USD found resistance on Wednesday in the 1.1760 level, which caused a decline to the 1.1715 level. In the meantime, the rate was being approached by the 100-hour simple moving average, which had reached the 1.1750 level.
In the near term future, the rate could be pushed down by the 100-hour simple moving average. The SMA could push the rate through the support of the 61.80% Fibonacci retracement level near 1.1705 and the 1.1700 level.
On the other hand, a failure of the SMA could result in a test first of the resistance zone above the 1.1760 mark and afterwards the 1.1790 and 1.1800 levels.
