During Friday’s trading session, the European Single Currency passed through the monthly pivot point at the 1.1346 mark to depreciate by 56 pips or 0.49%. On Monday morning, the rate was recovering itself to trade upwards at the 1.1308 mark.
Most likely, the European Single Currency will be trading near the bottom boundary of the dominant pattern at the 1.2600 level. The 55-hour simple moving average will try to catch up the rate to give an additional resistance for the currency pair.
On the other side, the European Single Currency could recover itself to appreciate against the US Dollar to trade near the weekly PP at the 1.1340 mark.
Most likely, the European Single Currency will be trading near the bottom boundary of the dominant pattern at the 1.2600 level. The 55-hour simple moving average will try to catch up the rate to give an additional resistance for the currency pair.
On the other side, the European Single Currency could recover itself to appreciate against the US Dollar to trade near the weekly PP at the 1.1340 mark.
Comment:
During the previous trading session, the European Single Currency was supported by the 200-hour SMA to surge towards the weekly R1 at the 1.1410 mark. On Wednesday morning, the rate was trading near the weekly R1 at the 1.1403 mark.
Most likely, the currency exchange rate will get resisted by the weekly R1 at 1.1403 to push the rate to trade sideways to stay at the 1.1380 level.
On the other side, the currency exchange rate could break the resistance of the weekly R1 to move towards the 50.00% Fibonacci retracement level at the 1.1462 mark.
During the previous trading session, the European Single Currency was supported by the 200-hour SMA to surge towards the weekly R1 at the 1.1410 mark. On Wednesday morning, the rate was trading near the weekly R1 at the 1.1403 mark.
Most likely, the currency exchange rate will get resisted by the weekly R1 at 1.1403 to push the rate to trade sideways to stay at the 1.1380 level.
On the other side, the currency exchange rate could break the resistance of the weekly R1 to move towards the 50.00% Fibonacci retracement level at the 1.1462 mark.
Comment:
During the previous trading day, the European Single Currency reached the 1.1440 level but lately was depreciated against the US Dollar to fall to 1.1360 level. On Thursday morning, the currency exchange rate was trading near the weekly R1 at 1.1410 mark.
It is expected that the rate will surge upwards to reach the 50.00% Fibo at 1.1460 mark. Besides, the 55-hour SMA will try to support the rate during the day.
On the other side, the European Single Currency could depreciate against the US Dollar to pass through most of the technical indicators to trade below the weekly pivot point at the 1.1320 level.
During the previous trading day, the European Single Currency reached the 1.1440 level but lately was depreciated against the US Dollar to fall to 1.1360 level. On Thursday morning, the currency exchange rate was trading near the weekly R1 at 1.1410 mark.
It is expected that the rate will surge upwards to reach the 50.00% Fibo at 1.1460 mark. Besides, the 55-hour SMA will try to support the rate during the day.
On the other side, the European Single Currency could depreciate against the US Dollar to pass through most of the technical indicators to trade below the weekly pivot point at the 1.1320 level.
Comment:
The EUR/USD currency exchange rate has revealed an ascending channel pattern. The pattern represents the rate's surge following the bounce off from the lower trend line of a dominant descending pattern.
In the near future the rate is expected to continue its surge in this pattern higher until it meets a strong resistance levels, which might stop the surge and break the pattern.
Meanwhile, note that Dukascopy Analytics are taking the next week off. Use the pattern for guidance and note that the markets will be closed during the holiday days.
In the near future the rate is expected to continue its surge in this pattern higher until it meets a strong resistance levels, which might stop the surge and break the pattern.
Meanwhile, note that Dukascopy Analytics are taking the next week off. Use the pattern for guidance and note that the markets will be closed during the holiday days.
During the previous trading session, the European Single Currency broke the resistance of the monthly pivot point at the 1.1346 mark. On Tuesday morning, the rate was located between the 55-hour and the 100-hour simple moving averages at the 1.1345 mark.
Most likely, the currency exchange rate will keep trading sideways to stay at 1.1300 level. Note, the 200-hour SMA should resist the rate from surge during the day.
However, the monthly pivot point at the 1.1346 mark could support the rate to trade near the weekly R1 at 1.1410 mark.