On Monday morning, the EUR/USD appeared to be looking for support, as it found short term support in the weekly simple pivot point at 1.1584 and the 200-hour simple moving average at 1.1571. Near term forecasts were based upon whether or not the support levels hold.
In the case of a decline, the pair could reach first for the weekly S1 simple pivot point at 1.1544. Afterwards, the rate might aim for the last week’s low levels at 1.1524/1.1530.
On the other hand, if the EUR/USD recovers, it would face the resistance of the 55-hour simple moving average near 1.1600. Above the 1.1600 mark, the rate might encounter resistance in the last week’s high level zone at 1.1620/1.1625.
