The EUR/USD currency exchange rate found support in the weekly S1 simple pivot point at 1.1532. The pivot point held and reversed the rate. On Thursday morning, the following surge appeared to be heading to the resistance of the 55 and 100-hour simple moving averages at 1.1578 and 1.1589.
If the pair passes the resistance of the simple moving averages near 1.1580, the EUR/USD could aim a the 200-hour simple moving average near 1.1620. Above the SMA, the weekly simple pivot point at 1.1631 might serve as resistance.
On the other hand, a bounce off from the 55 and 100-hour SMAs might look for support in the weekly S1 simple pivot point at 1.1532. Below the pivot point, the 1.1500 level would probably provide support.
