EUR/USD analysis: Reaches below 1.1300

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EUR/USD

On Wednesday morning, the decline of the EUR/USD reached below the 1.1300 mark. However, the rate found support in 1.1265 and started a recovery. By the middle of the day’s trading, the recovery had reached above the weekly S2 simple pivot point at 1.1321.

If the pair extends its recovery, it could encounter resistance at the 1.1350 level, where the 50-hour simple moving average is located at. Above the 1.1350 level, take into account the resistance of the weekly S1 simple pivot point at 1.1384.

On the other hand, a resumption of the decline of the EUR/USD might once again look for support in the 1.1265 level before aiming at the 1.1200 mark. However, take into account that the 1.1250 level could act as support.