During Friday’s trading session, the European Single Currency broke through the resistance level of the 61.80% Fibo to end the trading session at the 1.1223 mark. On Monday morning, the rate broke the 55-hour simple moving average to trade at the 1.1247 mark.
In regards to the near-term future, it is expected that the 55-hour simple moving average will retrace towards the 61.80 % Fibonacci retracement level at the 1.1203 mark.
On the other hand, today’s US Retail Sales and Core Retail Sales data release at 12:30 GMT could push the rate to break the resistance of the 100-hour simple moving average to end the trading day at the 1.1280 level.
In regards to the near-term future, it is expected that the 55-hour simple moving average will retrace towards the 61.80 % Fibonacci retracement level at the 1.1203 mark.
On the other hand, today’s US Retail Sales and Core Retail Sales data release at 12:30 GMT could push the rate to break the resistance of the 100-hour simple moving average to end the trading day at the 1.1280 level.
Comment:
During Tuesday’s trading session, the European Single Currency surged to the 1.1300 level by the help of the weekly PP support level at 1.1265. On Wednesday morning, the rate was trading above the 200-hour simple moving average at the 1.1291 mark.
In regards to the near-term future, it seems that the currency exchange rate might surge to the 1.3200 level. Besides, the 200-hour SMA should support the surge during the trading session.
On the other hand, today’s US Core Durable Goods Orders, Durable Goods Orders, US PPI data release at 12:30 GMT might depreciate European Single Currency against the US Dollar to push the rate towards the weekly PP at 1.1265 mark.
During Tuesday’s trading session, the European Single Currency surged to the 1.1300 level by the help of the weekly PP support level at 1.1265. On Wednesday morning, the rate was trading above the 200-hour simple moving average at the 1.1291 mark.
In regards to the near-term future, it seems that the currency exchange rate might surge to the 1.3200 level. Besides, the 200-hour SMA should support the surge during the trading session.
On the other hand, today’s US Core Durable Goods Orders, Durable Goods Orders, US PPI data release at 12:30 GMT might depreciate European Single Currency against the US Dollar to push the rate towards the weekly PP at 1.1265 mark.
Comment:
During Wednesday’s trading session, the European Single Currency was supported by the 200-hour simple moving average to surge to 1.1320. On Thursday morning, the rate was located at the 1.1316 mark.
It is expected that the currency exchange rate will surge towards the R1 at 1.1354 to end the trading session at the 1.1340 level.
Besides, the 55-hour simple moving averages will try to catch up the rate to give additional support to the rate for the next trading session.
During Wednesday’s trading session, the European Single Currency was supported by the 200-hour simple moving average to surge to 1.1320. On Thursday morning, the rate was located at the 1.1316 mark.
It is expected that the currency exchange rate will surge towards the R1 at 1.1354 to end the trading session at the 1.1340 level.
Besides, the 55-hour simple moving averages will try to catch up the rate to give additional support to the rate for the next trading session.
Comment:
During Thursday’s trading session, the European Single Currency was supported by the 55-hour simple moving average to keep trading inside the trend line at 1.1300. On Friday morning, the rate was located at the 1.1320 mark.
In regards to the near-term future, most likely, the currency exchange rate will trade sideways to end the trading session at the 1.1340 level.
Moreover, it is possible that the rate could bounce off the bottom boundary of the trend line at the 1.1320 mark to surge towards the weekly R1 at 1.1354.
During Thursday’s trading session, the European Single Currency was supported by the 55-hour simple moving average to keep trading inside the trend line at 1.1300. On Friday morning, the rate was located at the 1.1320 mark.
In regards to the near-term future, most likely, the currency exchange rate will trade sideways to end the trading session at the 1.1340 level.
Moreover, it is possible that the rate could bounce off the bottom boundary of the trend line at the 1.1320 mark to surge towards the weekly R1 at 1.1354.
During yesterday’s trading session, the European Single Currency appreciated against the US Dollar to trade at 1.1200 level as it was expected! On Tuesday morning, the rate was located between the 100-hour and the 200-hour simple moving averages at the 1.1272 mark.
In regards to the near-term future, most likely, the currency exchange rate will be trading at the 1.1250 level to stay between the monthly S1 at 1.1240 and the weekly pivot point at 1.1265.
However, the 100-hour SMA might help the European Single Currency to break the resistance of the 200-hour SMA during today’s US Consumer Price Index and Core Consumer Price Index data release at 12:30 GMT to surge to 1.1300.