On Tuesday, the EUR/USD found support in the 1.1730 level and afterwards reached the resistance of the 1.1760 mark, which was tested two times. In the meantime, it was spotted that the rate appears to have started to respect the support of the 200-hour simple moving average.
Meanwhile, the currency exchange rate appears to be trading in a still not confirmed channel up pattern. Namely, the rate has not confirmed the support line of the pattern, as it has been simply set parallel to the resistance line, which has been touched three times.
If the rate finds support in the 200-hour simple moving average and the lower trend line of the channel up pattern, a surge should follow up. A potential surge would test the resistance of round exchange rate levels at 1.1750, 1.1760 and 1.1770 before reaching the resistance of the weekly R1 simple pivot point at 1.1782.
On the other hand, a decline below the SMA and the trend line could look for support in the combination of the weekly simple pivot point at 1.1723 and the 100-hour simple moving average nearby the pivot point. Below these levels, the 1.1700 mark together with a 61.80% Fibonacci retracement level would provide support.
