EUR/USD Reaches 1.1800 Level

The decline of the EUR/USD reached the 1.1800 mark during early Thursday’s trading hours. The near term future depended on whether or not the 1.1800 level and the weekly S2 at 1.1808 provide support to the currency exchange rate.

In the case of the 1.1800 support holding, the rate could retrace back up and face the 55-hour simple moving average and the resistance of the 1.1840 level and afterwards the 1.1850 level. If these levels fail, the pair might aim at the resistance of the weekly S1 simple pivot point at 1.1856.

On the other hand, a potential decline below the 1.1800 level would not have any technical support as low as the weekly S3 simple pivot point at 1.1741. However, round exchange rate levels like the 1.1750 level could provide support. The 1.1750 reversed a three day decline in late November.