On Thursday, the EUR/USD currency exchange rate found support in the weekly R1 simple pivot point at the 1.1837 level. It resulted in a surge. The surge initially respected the upper trend line of a channel up pattern and the weekly R2 simple pivot point’s resistance. However, on Friday morning the pair shortly pierced the trend line before returning to trade just above the weekly R2 simple pivot point.
If the sideways trading is replaced with a surge, the EUR/USD could surge up to the 1.1900 mark. However, note that the upper trend line of the channel up pattern could provide resistance and slow down the pair. Above the 1.1900, the most close by technical resistance level was the weekly R3 simple pivot point at 1.1947.
Meanwhile, the rate could continue to fluctuate sideways above the weekly R2 simple pivot point or decline. A potential decline would look for support in the 55-hour simple moving average and the 1.1850 level. Below these levels the weekly R1 simple pivot point at 1.1837 and the 100-hour simple moving average at 1.1830 could provide support.
