During the early hours of Wednesday’s trading hours, the EUR/USD found support in the 61.80% Fibonacci retracement level at the 1.1705 level. It resulted in a surge, which was heading to the resistance of the 55-hour simple moving average.
In the case of the 55-hour simple moving average providing resistance, the currency exchange rate could decline and once again test the support of the 61.80% Fibonacci retracement level at 1.1705. If the Fibo does not hold, the 1.1700 could immediately provide additional support.
On the other hand, a failure of the 55-hour SMA could result in the pair testing the combined resistance of the 100-hour simple moving average near the 1.1765 level and the 1.1763 level, which provided support since March 25.