During Tuesday’s afternoon, the EUR/USD broke the resistance cluster near the 1.1940 level. By the middle of Wednesday’s trading hours, the currency exchange rate had reached the resistance of the weekly R1 simple pivot point at 1.1974.
If the rate manages to pass the resistance of the weekly R1 simple pivot point at 1.1974, the EUR/USD would aim first for the 1.2000 and afterwards the 1.2046 level.
On the other hand, a holding of the pivot point would most likely result in a decline to the possible support of the 1.1940 level and afterwards the 55 and 100-hour simple moving averages.
