On Thursday, the EUR/USD found enough support in the 1.1840 level and surged. The surge broke the resistance of the channel down pattern, which had guided the rate since June 25. However, the rate found resistance in the 55-hour simple moving average. The SMA caused a decline that on Friday was heading to the 1.1800 mark.
In the case that the rate passes the support of the 1.1800 level, it would look for support in the 1.1793 level, where the weekly S2 simple pivot point was located at on Friday.
On the other hand, a potential recovery, the rate would encounter resistance in the 1.1840 level and the 55-hour simple moving average at 1.1862.
