After reaching the 1.1840 level on Tuesday, the EUR/USD began a decline. The decline eventually reached the support of the 1.1800 level before recovering. Meanwhile, take into account that the pair had shortly fluctuated below the 1.1800 mark.
In general, the zone around the 1.1800 mark appears to be one where reversals have been happening throughout August 2021. It has been marked on the chart.
In the meantime, it was spotted that the rate has been trading in a channel up pattern since August 19. The most recent bounce off from the 1.1840 mark was consistent with the pattern.
If the rate continues to surge, it could once again find resistance in the 1.1840 level and the weekly R1 simple pivot point at 1.1837. Above these levels, the 1.1875 level, where the weekly R2 simple pivot point is located at, might provide resistance.
On the other hand, a potential decline of the currency exchange pair would look for support in the 1.1795/1.1810 zone, the 55 and 100-hour simple moving averages and the lower trend line of the mentioned channel up pattern.
