Since the decline on October 25, the EUR/USD has continued to trade in range between the support of the 1.1585/1.1590 zone and the resistance of the 1.1618/1.1625 zone. Meanwhile, it has been spotted throughout the week that the hourly simple moving averages from time to time manage to impact the direction of the currency exchange rate.
In the case of a decline below the 1.1585/1.1590 zone, the currency exchange rate might find support in the 1.1550 level. Below the 1.1550 mark, the currency pair might find support in the weekly S2 simple pivot at 1.1532.
On the other hand, a surge would not only test the 1.1618/1.1625 zone, but also the 100 and 200-hour simple moving averages at 1.1615 and 1.1623. Above these levels, the weekly simple pivot point at 1.1630 might act as a resistance. Above these levels, the October high level zone might once again keep the rate down at 1.1665 /1.1670.
