During Friday’s trading session, the European Single Currency appreciated against the US Dollar by 97 pips or 0.86%, breaking most of the technical indicators. On Monday morning, the currency exchange rate was located below the monthly pivot point at the 1.1402 mark.
In regards to the near-term future, most likely, the rate will trade towards the weekly pivot point at 1.1372.
Moreover, the European Single Currency could be retraced by the simple moving averages to jump back to the 1.1400 level.
In regards to the near-term future, most likely, the rate will trade towards the weekly pivot point at 1.1372.
Moreover, the European Single Currency could be retraced by the simple moving averages to jump back to the 1.1400 level.
Note
On Wednesday morning, the currency exchange rate was located between the monthly pivot point and the weekly R1 at the 1.1428. Besides, the 55-hour simple moving average supported the rate during morning hours.
In regards to the near-term future, most likely, the European Single Currency will break the resistance levels of the weekly R1 at 1.1454 and the 50.00% Fibo at the 1.1462 mark.
It is expected that the European Single Currency will appreciate against the US Dollar during today’s US FOMC Meeting Minutes and Federal Funds Rate release at 19:00 GMT to trade at the 1.1460 level.
Note
During the previous trading session, the currency exchange rate broke the 50.00% Fibonacci retracement level at 1.1462. On Thursday morning, the rate was located at the weekly R2 at 1.1500.
In regards to the near-term future, most likely, the European Single Currency will trade towards the descending medium pattern line at the 1.1540 mark. Moreover, the weekly R2 at 1.1500 should support the surge during the trading session.
However, the weekly R2 could retrace the European Single Currency to depreciate against the US Dollar to push the rate to trade sideways at the 1.1480 level.
Note
During Thursday’s trading session, the currency exchange rate depreciated to 1.1440, passing through the support levels of the 55-hour simple moving average and the 50.00% Fibo. On Friday, the rate was located above the 50.00% Fibonacci retracement level at the 1.1464 mark.
It is expected that European Single Currency will surge towards the weekly R2 at 1.1500. In addition, the 50.00% Fibo should support the rate during the day.
On the other hand, the European Single Currency could depreciate against the US Dollar during today’s US Employment data sets release at 13:30 GMT to trade at the 1.1400 level.
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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.