On Monday morning, the EUR/USD currency exchange rate pierced the August high level near the 1.1800 mark. However, by the middle of the day’s European trading the event was not followed up by a surge.
In the case of a surge, the rate could reach for the resistance of the weekly R1 simple pivot point at 1.1837 and the weekly R2 simple pivot point at 1.1875. However, take into account that the 1.1850 mark could provide resistance.
On the other hand, a potential decline could look for support in the last week’s high levels near 1.1775 and the 55-hour simple moving average. If the rate passes the support levels near 1.1775, the EUR/USD could almost immediately find more support at 1.1765. At the 1.1765 level the weekly simple pivot point and the 100-hour simple moving averages could provide additional support.
