On Wednesday, the EUR/USD passed the support of the 55, 100 and 200-hour simple moving averages. Moreover, the 1.2200 mark and the weekly simple pivot point at 1.2198 were passed. By the middle of the day’s European trading hours, the rate had reached the 1.2170 level.
In the near term future, the rate could test the support of the late May low levels near 1.2160. However, the support zone near 1.2160 was pierced on May 28. If the rate once again passes the described support zone, the pair could reach for the support of the weekly S1 simple pivot point at 1.2129.
On the other hand, a potential recovery would test the resistance of the 55, 100 and 200-hour simple moving averages, the weekly simple pivot point at 1.2198 and the 1.2200 mark.
