During Tuesday’s trading session, the currency exchange pair passed through the support of the medium horizontal pattern line at 1.1301 to end the trading session at the 1.1285 mark. During Wednesday morning hours, the rate was trading between the weekly S1 and the medium horizontal pattern line at the 1.2978 mark.
In regards to the near-term future, most likely, the currency exchange rate will be resisted by the medium horizontal pattern line at 1.1301 mark to push the rate to trade below the weekly S1 near the 1.1240 level.
On the other side, today’s US Prelim GDP and Crude Oil Inventories data releases may push the rate to break the medium horizontal pattern line to trade at 1.1340.
In regards to the near-term future, most likely, the currency exchange rate will be resisted by the medium horizontal pattern line at 1.1301 mark to push the rate to trade below the weekly S1 near the 1.1240 level.
On the other side, today’s US Prelim GDP and Crude Oil Inventories data releases may push the rate to break the medium horizontal pattern line to trade at 1.1340.
Comment:
During Thursday’s trading session, the currency exchange pair broke the resistance of the 200-hour SMA to end the trading session at 1.1389. During Friday morning hours, the rate was trading between the monthly pivot point and the weekly pivot point at the 1.1391 mark.
In regards to the near-term future, most likely, the currency exchange rate will surge upwards to meet the upper boundary of the descending large pattern line at 1.1413 to bounce off to trade at the previously drawn pattern.
However, the European Single Currency could pass through the resistances of the large pattern line and the monthly PP to trade near the weekly R1 at 1.1420 level.
During Thursday’s trading session, the currency exchange pair broke the resistance of the 200-hour SMA to end the trading session at 1.1389. During Friday morning hours, the rate was trading between the monthly pivot point and the weekly pivot point at the 1.1391 mark.
In regards to the near-term future, most likely, the currency exchange rate will surge upwards to meet the upper boundary of the descending large pattern line at 1.1413 to bounce off to trade at the previously drawn pattern.
However, the European Single Currency could pass through the resistances of the large pattern line and the monthly PP to trade near the weekly R1 at 1.1420 level.
During Wednesday’s trading session, the currency exchange pair broke most of the technical indicators to appreciate by 103 pips or 0.91%. During Thursday morning hours, the rate was trading near the weekly pivot point at the 1.1371 mark.
In regards to the near-term future, the currency exchange rate might trade sideways due to a lack of any fundamental news which could affect the rate. Most likely, the rate will be trading between the weekly pivot point at 1.1380 and the monthly pivot point at the 1.1413 during the trading session on Thursday.
However, the European Single Currency could pass through the support of the 200-hour simple moving average to trade at the 1.1340 level during the day.