EUR/USD Passes Resistance

The EUR/USD pierced the resistance zone near the 1.1880 level. However, the following surge was stopped by the 1.1915 level and the rate retraced back down to look for support. The needed support to resume the surge could be provided by the 55-hour simple moving average, which on Thursday had reached above the 1.1860 level.

In the near term future, the SMA could push the rate again through the resistance of the 1.1880 cluster and the 1.1900 level with the weekly R3 simple pivot point. A surge could once again make an attempt to reach the 1.1940 level, where the March 22 high levels are located at.

On the other hand a failure of the SMA should result in a decline to the weekly R2 simple pivot point at 1.1848 and the support zone near 1.1840.