EUR/USD Analysis: Approaches Low Level

On Wednesday morning, the EUR/USD was heading to the support of the September 30 low level at 1.1563/1.1568. Future forecasts were based upon whether or not the support zone holds.

If the EUR/USD passes the support of the 1.1563/1.1568 zone, the weekly S1 simple pivot point at 1.1532 could be reached. However, take into account that the 1.1550 mark might serve as a support level.

On the other hand, a recovery from the 1.1563/1.1568 zone might encounter resistance at 1.1600. The 55 and 100-hour simple moving averages are located near the 1.1600 level and could strengthen its resistance. Above the 1.1600 mark, the weekly simple pivot point at 1.1631 would likely provide resistance.

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