During Friday’s trading session, the currency exchange rate passed through the support level of the 55-hour simple moving average to end the trading session at 1.1453. On Monday morning, the rate was located between the 55-hour and the 100-hour SMAs at the 1.1445 mark.
In regards to the near-term future, most likely, the European Single Currency will trade sideways to stay at 1.1450 during the day.
However, the weekly pivot point at the 1.1454 mark and the 55-hour simple moving average could retrace the rate to push it to pass through the support level of the monthly pivot point at 1.1435.
In regards to the near-term future, most likely, the European Single Currency will trade sideways to stay at 1.1450 during the day.
However, the weekly pivot point at the 1.1454 mark and the 55-hour simple moving average could retrace the rate to push it to pass through the support level of the monthly pivot point at 1.1435.
Comment:
On Thursday morning, the currency exchange rate was located at the 1.1345 mark.
In regards to the near-term future, it is expected that the European Single Currency will continue depreciating against the US Dollar to the weekly S2 at the 1.1330 mark. Moreover, most likely, the rate will pass the support level of the weekly S2 to bounce off the small pattern line at the 1.1320 mark.
However, the rate could be retraced by the weekly S2 to stay at the 1.1340 level for the rest of the trading day.
On Thursday morning, the currency exchange rate was located at the 1.1345 mark.
In regards to the near-term future, it is expected that the European Single Currency will continue depreciating against the US Dollar to the weekly S2 at the 1.1330 mark. Moreover, most likely, the rate will pass the support level of the weekly S2 to bounce off the small pattern line at the 1.1320 mark.
However, the rate could be retraced by the weekly S2 to stay at the 1.1340 level for the rest of the trading day.
Comment:
During Thursday’s trading session, the currency exchange rate was retraced by the 55-hour simple moving average to trade sideways at 1.1320. On Friday morning, the rate was located at the 1.1330 mark.
In regards to the near-term future, most likely, the European Single Currency will bounce off the monthly S1 at 1.1301 passing the small pattern line at the 1.1320 mark.
On the other hand, the European Single Currency could appreciate against the US Dollar to the 1.1340 level during today’s Canadian Employment change and Unemployment rate announce at 13:30 GMT.
During Thursday’s trading session, the currency exchange rate was retraced by the 55-hour simple moving average to trade sideways at 1.1320. On Friday morning, the rate was located at the 1.1330 mark.
In regards to the near-term future, most likely, the European Single Currency will bounce off the monthly S1 at 1.1301 passing the small pattern line at the 1.1320 mark.
On the other hand, the European Single Currency could appreciate against the US Dollar to the 1.1340 level during today’s Canadian Employment change and Unemployment rate announce at 13:30 GMT.
Comment:
On Monday morning the EUR/USD was testing the support of a medium scale ascending pattern. The forecasts surround this level.
Namely, in the first and main scenario the rate is expected to bounce off from the support line and surge up to the resistance of the 55-hour simple moving average. By the middle of Monday's trading the SMA was moving lower near the 1.1340 mark.
On the other hand, the pair might break the support of the pattern. Afterwards, it would face the support of a monthly pivot point at 1.1300.
Namely, in the first and main scenario the rate is expected to bounce off from the support line and surge up to the resistance of the 55-hour simple moving average. By the middle of Monday's trading the SMA was moving lower near the 1.1340 mark.
On the other hand, the pair might break the support of the pattern. Afterwards, it would face the support of a monthly pivot point at 1.1300.
During Monday’s trading session, the rate passed through the support level of the monthly PP at 1.1435. On Tuesday morning, the European Single Currency was located at the 1.1413 mark.
Most likely, the rate will trade sideways to stay between the weekly S1 at 1.1394 and the 200-hour simple moving average at 1.1422. In addition, most likely, the 200-hour SMA will resist the rate during the day.
On the other hand, the resistance of the 200-hour SMA could push the European Single Currency to pass through the support level of the weekly S1 to the 1.3800 level.