The EUR/USD bounced off the support of the zone above the 1.2100 level and started a recovery, which ended at the 1.2130 level. On Wednesday, the pair was trading sideways between the 55 and 100-hour simple moving averages, which were located at 1.2120 and 1.2136.
In the near term future, the rate was expected to get squeezed in between the 55 and 100-hour simple moving averages.
In the case of the rate passing the resistance of the 100-hour simple moving average, the rate could find resistance in the weekly simple pivot point at 1.2140. Afterwards, the Tuesday high level and the 200-hour simple moving average might provide resistance near the 1.2150 mark. If these levels fail to hold, the rate could reach for the weekly R1 simple pivot point at 1.2188.
On the other hand, a potential decline below the 55-hour simple moving average at 1.2120 could aim at the support zone that surrounds the 1.2100 mark. Below the 1.2100 level, the pair could find support in the weekly S1 simple moving average.
