During Friday’s trading session, the currency exchange rate depreciated to the 1.1340 level. However, on Monday morning, the European Single Currency recovered against the US Dollar to the 1.1381 mark.
In regards to the near-term future, most likely, the 55-hour and the 100-hour simple moving averages will continue retracing the rate to push the European Single Currency to depreciate against the US Dollar.
Moreover, it is expected that the currency exchange rate will be trading at the 1.1340 level during the trading session.
In regards to the near-term future, most likely, the 55-hour and the 100-hour simple moving averages will continue retracing the rate to push the European Single Currency to depreciate against the US Dollar.
Moreover, it is expected that the currency exchange rate will be trading at the 1.1340 level during the trading session.
Note
During the previous trading session, the European Single Currency trade at the 1.1360 level as it was predicted. On Monday morning, the rate was located at 1.1352.
In regards to the near-term future, most likely, the currency exchange rate will depreciate towards the ascending small pattern line and the monthly S1 at the 1.1330 mark.
Besides, it is expected that the rate will bounce off the small pattern line to trade at the 1.1340 level during the trading session on Tuesday.
Note
During Tuesday’s trading session, the 55-hour simple moving average retraced the rate to the 1.1360 level. On Wednesday morning, the European Single Currency was located at the 1.1352 mark.
Most likely, the currency exchange rate will be trading downwards to the monthly S1 at 1.1330. Moreover, it is expected that the monthly S1 and the bottom boundary of the medium pattern line will retrace the rate to the 1.1340 level.
On the other hand, the European Single Currency could pass the support of the monthly S1 and the medium pattern line to trade near the weekly S1 at 1.1315.
Note
On Thursday morning, the currency exchange rate passed through the support levels of the 55-hour and the 100-hour simple moving averages to trade at the previously predicted 1.1340 level.
In regards to the near-term future, most likely, the European Single Currency will be retraced by the bottom boundary of the descending medium pattern line at 1.1320 to surge to the 1.1400 level.
However, the European Single Currency could depreciate against the US Dollar to the weekly S1 at 1.1315 during today’s EU Main Refinancing Rate release at 13:45 GMT.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.