During Monday’s trading session, the European Single Currency dropped below the technical indicators to 1.1300. During Tuesday’s morning, the currency exchange rate was trading sideways to be located at the 1.1326 mark. Note, the rate broke the previously drawn medium pattern!
In regards to the near-term future, it is expected that the rate will decline towards the 1.1300 mark to break freshly drawn pattern line.
However, the European Single Currency could bounce off the bottom boundary of the medium pattern line at 1.1320 to appreciate against the US Dollar to the 1.1340 level.
In regards to the near-term future, it is expected that the rate will decline towards the 1.1300 mark to break freshly drawn pattern line.
However, the European Single Currency could bounce off the bottom boundary of the medium pattern line at 1.1320 to appreciate against the US Dollar to the 1.1340 level.
Comment:
During Wednesday’s trading session, the 55-hour simple moving average retraced the rate to 1.2800. On Thursday morning, the currency exchange rate broke the resistance of the 55-hour simple moving average to stay at the 1.1308 mark.
In regards to the near-term future, it is expected that the rate will trade sideways between the 55-hour and the 200-hour simple moving averages at the 1.3220 level.
However, the European Single Currency could depreciate against the US Dollar during today’s EU Main Refinancing Rate at 12:45 GMT to push the rate to break the pattern line at the 1.1280 mark.
During Wednesday’s trading session, the 55-hour simple moving average retraced the rate to 1.2800. On Thursday morning, the currency exchange rate broke the resistance of the 55-hour simple moving average to stay at the 1.1308 mark.
In regards to the near-term future, it is expected that the rate will trade sideways between the 55-hour and the 200-hour simple moving averages at the 1.3220 level.
However, the European Single Currency could depreciate against the US Dollar during today’s EU Main Refinancing Rate at 12:45 GMT to push the rate to break the pattern line at the 1.1280 mark.
Comment:
During Draghi’s speech on asset purchase program, the European Single Currency depreciated by the 144 pips or 1.27%. The reason for such a sharp depreciation of the European Single Currency was the announcement that the purchase program would not be stopped. The ECB will continue buying government bonds.
In regards to the near-term future, most likely, the currency exchange rate will trade between the monthly S1 at 1.1240 and the 61.80% Fibo.
On the other hand, the US Dollar could depreciate against the European single currency during today’s US Employment data sets release at 13:30 GMT to fit into the medium pattern at the 1.1250 level.
During Draghi’s speech on asset purchase program, the European Single Currency depreciated by the 144 pips or 1.27%. The reason for such a sharp depreciation of the European Single Currency was the announcement that the purchase program would not be stopped. The ECB will continue buying government bonds.
In regards to the near-term future, most likely, the currency exchange rate will trade between the monthly S1 at 1.1240 and the 61.80% Fibo.
On the other hand, the US Dollar could depreciate against the European single currency during today’s US Employment data sets release at 13:30 GMT to fit into the medium pattern at the 1.1250 level.
During Tuesday’s trading session, the rate broke the freshly drawn pattern line at 1.1320 to fall to the 1.1280 level. On Wednesday morning, the currency exchange rate was trading sideways to stay at the 1.1302 mark.
It is expected that the European Single Currency will continue depreciating against the US Dollar to the 1.1260. Moreover, the resistance levels of the 55-hour simple moving average and the bottom boundary of the medium pattern will resist the rate during the day.
On the other hand, today’s US Crude Oil Inventories data release at 15:30 GMT could push the rate to trade in the pattern at the 1.1320 level.