During Friday’s trading session, the currency exchange pair depreciated by 0.83% breaking most of the technical indicators to end the trading session at 1.1337. On Monday morning, the European Single Currency surged to the 1.1360 mark.
In regards to the near-term future, most likely, the currency exchange rate will move sideways to trade between the weekly R1 at 1.1394 and the monthly pivot point at 1.1346. The 200-hour simple moving average should support the rate during the trading day on Monday.
On the other side, today’s US ISM Manufacturing PMI data release could push the European Single Currency to meet the weekly R1 at 1.1394 mark.
In regards to the near-term future, most likely, the currency exchange rate will move sideways to trade between the weekly R1 at 1.1394 and the monthly pivot point at 1.1346. The 200-hour simple moving average should support the rate during the trading day on Monday.
On the other side, today’s US ISM Manufacturing PMI data release could push the European Single Currency to meet the weekly R1 at 1.1394 mark.
Comment:
During Tuesday's trading session, the rate passed through the SMAs to end the trading session at 1.1335. On Wednesday morning, the European Single Currency was trading between the weekly PP and the monthly PP at the 1.1336 mark.
In regards to the near-term future, most likely, the European Single Currency will be trading downwards due to the resistances of the SMAs and the monthly pivot point at the 1.1346. Moreover, it is expected that the rate will trade near the bottom boundary of the medium pattern at the 1.1300 level.
On the other hand, a fundamental announcement could push the rate to break the resistance levels of the technical indicators to trade at the 1.1360 level.
During Tuesday's trading session, the rate passed through the SMAs to end the trading session at 1.1335. On Wednesday morning, the European Single Currency was trading between the weekly PP and the monthly PP at the 1.1336 mark.
In regards to the near-term future, most likely, the European Single Currency will be trading downwards due to the resistances of the SMAs and the monthly pivot point at the 1.1346. Moreover, it is expected that the rate will trade near the bottom boundary of the medium pattern at the 1.1300 level.
On the other hand, a fundamental announcement could push the rate to break the resistance levels of the technical indicators to trade at the 1.1360 level.
Comment:
During Wednesday’s trading session, the currency exchange rate was resisted by the 100-hour SMA to end the trading session at 1.1344. On Thursday morning, the European Single Currency was resisted by the 200-hour SMA to trade at 1.1324.
In regards to the near-term future, most likely, the European Single Currency will keep trading downside to reach the bottom boundary of the medium horizontal pattern at the 1.1300 level.
On the other hand, today’s US ISM Non-Manufacturing PMI at 15:00 GMT could break the predictions for the currency pair. The fundamental event could push the rate to break the weekly PP and the monthly PP to trade at the 1.1360 level.
During Wednesday’s trading session, the currency exchange rate was resisted by the 100-hour SMA to end the trading session at 1.1344. On Thursday morning, the European Single Currency was resisted by the 200-hour SMA to trade at 1.1324.
In regards to the near-term future, most likely, the European Single Currency will keep trading downside to reach the bottom boundary of the medium horizontal pattern at the 1.1300 level.
On the other hand, today’s US ISM Non-Manufacturing PMI at 15:00 GMT could break the predictions for the currency pair. The fundamental event could push the rate to break the weekly PP and the monthly PP to trade at the 1.1360 level.
Comment:
The common European currency managed to pass the strength of three simple moving averages on Thursday against the US Dollar. In the aftermath of the breaking of these resistance levels, the currency pair surged up to the dominant pattern's resistance line and bounced off it to begin a decline.
On Friday, the decline was expected to reach the previously mentioned simple moving averages near the 1.1350 mark. In general, the pair should pass these support levels and a pivot point, which was locate at 1.1346, to continue its decline. The decline eventually should once more test the lower trend line of a junior pattern.
Although, any of the mentioned support levels can slow down the decline of the EUR/USD and force it into a retracement or a short term surge.
On Friday, the decline was expected to reach the previously mentioned simple moving averages near the 1.1350 mark. In general, the pair should pass these support levels and a pivot point, which was locate at 1.1346, to continue its decline. The decline eventually should once more test the lower trend line of a junior pattern.
Although, any of the mentioned support levels can slow down the decline of the EUR/USD and force it into a retracement or a short term surge.
During Monday’s trading session, the currency exchange pair broke the resistances of the SMAs to end the trading session at 1.1350. On Tuesday morning, the European Single Currency was supported by the simple moving averages to trade at the 1.1374 mark.
In regards to the near-term future, most likely, the European Single Currency will break the upper boundary of the descending medium pattern line at 1.1380 level.
However, the weekly R1 at the 1.1394 mark could resist the European Single Currency to push the rate to trade sideways to stay at the 1.1360 level during the trading session on Tuesday.