During the GMT midnight hour to Friday, the EUR/USD approached the resistance of the weekly R3 simple pivot at 1.1897 and the 1.1900 mark. However, the rate reversed its direction on Friday morning and retraced down.
An extension of the decline could look for support in the weekly R2 simple pivot point at 1.1864 and the 55-hour simple moving average, which during the morning hours was located near the 1.1850 level. Below these levels, the 1.1850 mark and the 100-hour SMA could provide support.
On the other hand, a potential surge would have to test the recent Thursday high levels, the weekly R3 simple pivot point at 1.1897 and the 1.1900 mark. Above these levels, the 1.1950 level and the June high near 1.1980 could provide resistance.
