The release of US ADP payrolls caused an all-out decline of the US Dollar. Due to that reason, the EUR/USD currency exchange rate began a surge. The surge reached the upper trend line of the channel up pattern, which had guided the rate since August 19.
On Thursday, the rate had retreated and traded sideways, as previous gains were being consolidated.
In the case that the pair resumes its surge, the EUR/USD would aim at the resistance of the weekly R2 simple pivot point at 1.1875. In the meantime note the upper trend line of the channel up pattern. Note that a surge could be caused by the support of the 55 and 100-hour simple moving averages.
On the other hand, a possible decline of the pair could look for support in the mentioned SMAs near 1.1825 and 1.1810. Below the SMAs, the 1.1800 level and the zone surrounding it could provide support.
