On Wednesday, the EUR/USD found support in the zone just above the 1.2160 mark and retraced back up to the resistance of the 55-hour simple moving average near 1.2220. Afterwards, the rate bounced off this level and began a decline. By the middle of Thursday’s trading, the rate was heading back to the support of the 1.2160 level.
In the near term future, the price was expected to test the support of the 1.2160 level. In the case of the support level holding, the rate would recover and return to the resistance of the 55, 100 and 200-hour simple moving averages in the 1.2207/1.2215 range.
On the other hand, if the pair passes the support of the 1.2160 level, the rate could reach for the support of the weekly S1 simple pivot point at 1.2129.
