During Monday’s trading session, the rate depreciated by 92 pips or 0.80% breaking most of the technical indicators to end the trading session at 1.1353. On Tuesday, the European Single Currency was resisted by the 100-hour SMA to trade at 1.1367.
In regards to the near-term future, most likely, the European Single Currency will be trading sideways between the weekly PP at 1.1372 and the monthly PP at 1.1346 to meet the upper boundary of the medium pattern at the 1.1380 mark.
On the other hand, today’s US PPI data release at 13:30 GMT could break the predictions for the currency pair to push the rate to pass the support level of the monthly PP at 1.1346 to trade near the weekly S1 at the 1.1321 level.
In regards to the near-term future, most likely, the European Single Currency will be trading sideways between the weekly PP at 1.1372 and the monthly PP at 1.1346 to meet the upper boundary of the medium pattern at the 1.1380 mark.
On the other hand, today’s US PPI data release at 13:30 GMT could break the predictions for the currency pair to push the rate to pass the support level of the monthly PP at 1.1346 to trade near the weekly S1 at the 1.1321 level.
Comment:
During Wednesday’s trading session, the European Single Currency broke most of the technical indicators to pierce the weekly PP at the 1.1368 mark . On Thursday, the rate was supported by the 100-hour SMA to trade at the 1.1380 level.
In regards to the near-term future, it is expected that the European Single Currency will continue to surge upwards to trade near the weekly R1 at 1.1438 mark. The 100-hour simple moving average will support the surge during the trading session.
On the other side, the European Single Currency could depreciate against the US Dollar during today’s EU Main Refinancing Rate release at 12:45 GMT to push the currency exchange rate to trade near the monthly pivot point at the 1.1346 mark.
During Wednesday’s trading session, the European Single Currency broke most of the technical indicators to pierce the weekly PP at the 1.1368 mark . On Thursday, the rate was supported by the 100-hour SMA to trade at the 1.1380 level.
In regards to the near-term future, it is expected that the European Single Currency will continue to surge upwards to trade near the weekly R1 at 1.1438 mark. The 100-hour simple moving average will support the surge during the trading session.
On the other side, the European Single Currency could depreciate against the US Dollar during today’s EU Main Refinancing Rate release at 12:45 GMT to push the currency exchange rate to trade near the monthly pivot point at the 1.1346 mark.
Comment:
On Friday, due to a combination of fundamental events and technical level pressure the EUR/USD plummeted down like a brick thrown into a pool. Namely, by the middle of the day's trading, the pair was trading below 1.1300.
In regards to the near future, the pair faces no technical support as low as the 1.1260 level, where the medium pattern's trend line is located at. In addition, note that the continuation of Brexit turmoil is set to beat the Euro down.
Meanwhile, after a sharp drop currency exchange rates retrace back upwards or trade sideways consolidating at a certain level.
On Friday, due to a combination of fundamental events and technical level pressure the EUR/USD plummeted down like a brick thrown into a pool. Namely, by the middle of the day's trading, the pair was trading below 1.1300.
In regards to the near future, the pair faces no technical support as low as the 1.1260 level, where the medium pattern's trend line is located at. In addition, note that the continuation of Brexit turmoil is set to beat the Euro down.
Meanwhile, after a sharp drop currency exchange rates retrace back upwards or trade sideways consolidating at a certain level.
During Tuesday’s trading session, the rate passed through the support level of the monthly PP at 1.1346 to trade near the weekly S1 at the 1.1321 mark for the rest of the trading session. On Wednesday morning, the European Single Currency was located between the monthly PP and the weekly S1 to trade at the 1.1324 mark.
In regards to the near-term future, most likely, the European Single Currency will be resisted by the monthly PP at 1.1346 to trade downside towards the weekly S2 at the 1.1260 mark.
However, the rate could appreciate during today’s US CPI data release at 13:30 GMT to push the rate to break the monthly PP at 1.1346 to trade at 1.1360 level.