Instead of surging to the 1.2000 level the EUR/USD declined to the support of the 55-hour simple moving average. Moreover, at the start of Friday’s GMT trading hours, the rate passed the support of the SMA.
During the early hours of the day, the rate traded below the combined resistance of the 55-hour SMA and the weekly R1 simple pivot point at 1.1974.
In the case of the rate breaking the resistance of these levels, the pair could reach the 1.2000 level. However, it was spotted that the rate faces a resistance zone from 1.1987 to 1.1994. This zone had provided resistance during the middle of March.
On the other hand, a potential decline would most likely look for support in the 100-hour simple moving average and the support zone near 1.1940.
