EUR/USD analysis: Finds support in pivot point
|EUR/USD
The EUR/USD currency exchange rate started the week by finding support in the new weekly simple pivot point at 1.2126 and starting a surge. By the middle of Monday's trading hours, the rate had touched the 1.2170 level which appeared to be capable to provide resistance.
In the near term future, the rate could pass the 1.2170 level and make an attempt to pass the 1.2175/1.2180 zone, which kept the rate down in early May. In the case of the zone being passed, the pair could reach the 1.2200 mark.
On the other hand, a potential decline would look for support in the 1.2126 level, where the weekly simple pivot point was located at. In addition, note the support of the 55, 100 and 200-hour simple moving averages from 1.2115 to 1.2100.
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