The European Single Currency was supported by the 200-hour simple moving average together with the monthly pivot point at the 1.1408 level during the morning hours of the second Monday of 2019.
The currency exchange pair continues recovering from the dramatic drop of 187 pips or 1.62% which hurt the rate during the first week of 2019. It seems that the rate will be trading sideways to stay at the 1.1420 level during the trading day.
However, the European single currency could break the resistance level of the 50.00% Fibo at the 1.1462 mark during today’s US ISM Non-Manufacturing PMI data release at 15:00 GMT. Watch out for the news!
The currency exchange pair continues recovering from the dramatic drop of 187 pips or 1.62% which hurt the rate during the first week of 2019. It seems that the rate will be trading sideways to stay at the 1.1420 level during the trading day.
However, the European single currency could break the resistance level of the 50.00% Fibo at the 1.1462 mark during today’s US ISM Non-Manufacturing PMI data release at 15:00 GMT. Watch out for the news!
Comment:
During the last trading session, the European Single Currency jumped by 62 pips or 0.54% to push the European Single Currency to break the resistance level of the weekly R1 at the 1.1546 mark.
In regards to the near-term future, most likely the currency exchange rate will trade sideways to stay between the weekly R1 at the 1.1546 mark and the weekly R2 at the 1.1588 mark. Meanwhile, the simple moving averages will try to catch up the rate during the trading session.
However, the European Single Currency might depreciate against the US Dollar to fall towards the weekly R1 at the 1.1496 mark.
During the last trading session, the European Single Currency jumped by 62 pips or 0.54% to push the European Single Currency to break the resistance level of the weekly R1 at the 1.1546 mark.
In regards to the near-term future, most likely the currency exchange rate will trade sideways to stay between the weekly R1 at the 1.1546 mark and the weekly R2 at the 1.1588 mark. Meanwhile, the simple moving averages will try to catch up the rate during the trading session.
However, the European Single Currency might depreciate against the US Dollar to fall towards the weekly R1 at the 1.1496 mark.
Comment:
During the previous trading session, the rate was trading sideways stayed between the weekly R1 and the weekly R2 as it was expected! On Friday, the European Single Currency was trading near the support levels of the 55-hour SMA and the bottom boundary of the ascending pattern line at 1.1529.
In regards to the near-term future, most likely, the currency exchange rate will try to break the resistance level of the medium pattern line at 1.1550 to trade towards the weekly R2 at 1.1588.
On the other hand, the rate could be resisted by the medium pattern line at 1.1550 to pass the 55-hour and the 100-hour SMAs to trade at the 50.00% Fibo at 1.1462!
During the previous trading session, the rate was trading sideways stayed between the weekly R1 and the weekly R2 as it was expected! On Friday, the European Single Currency was trading near the support levels of the 55-hour SMA and the bottom boundary of the ascending pattern line at 1.1529.
In regards to the near-term future, most likely, the currency exchange rate will try to break the resistance level of the medium pattern line at 1.1550 to trade towards the weekly R2 at 1.1588.
On the other hand, the rate could be resisted by the medium pattern line at 1.1550 to pass the 55-hour and the 100-hour SMAs to trade at the 50.00% Fibo at 1.1462!
During Tuesday morning hours, the European Single currency depreciated by 51 pips or 0.45% to trade below the 50.00% Fibonacci retracement level at the 1.1440 mark.
In regards to the near-term future, the rate will surge upwards to meet the weekly R1 at the 1.1493 mark. Besides, the 55-hour simple moving average may support the surge for the rest of the trading session.
However, the weekly R1 could retrace the EUR/USD to push the rate to stay at the 1.1480 level during the day.