During Friday’s session, the rate broke the resistance of the monthly PP at 1.1413 but was diminished to end the trading day at the 1.1388 mark. During Monday morning hours, the European Single Currency was supported by the 200-hour SMA near the weekly PP at the 1.1390 mark.
In regards to the near-term future, the currency exchange pair will trade upwards due to the support of the weekly PP at 1.1382 and the support of the 200-hour SMA. It is expected that the rate will trade near the 1.1420 mark during the day.
On the other side, the rate might get resisted by the monthly PP at 1.1413 to trade at 1.1360 after the US ISM Non-Manufacturing PMI data release at 15:00 GMT.
In regards to the near-term future, the currency exchange pair will trade upwards due to the support of the weekly PP at 1.1382 and the support of the 200-hour SMA. It is expected that the rate will trade near the 1.1420 mark during the day.
On the other side, the rate might get resisted by the monthly PP at 1.1413 to trade at 1.1360 after the US ISM Non-Manufacturing PMI data release at 15:00 GMT.
Comment:
During Tuesday’s trading session, the currency pair broke the resistance of the upper boundary of the small pattern line to end the trading day at the 1.1431 mark. During Wednesday morning hours, the European Single Currency was located near the 50.00 % the weekly R1 to trade at the 1.1456 mark.
In regards to the near-term future, most likely, the currency exchange rate will be retraced by the bottom boundary of the medium ascending pattern line at 1.1480 to pass through the monthly pivot point at the 1.14.13 mark.
However, the rate could break the resistance of the medium pattern line at 1.1480 due to the support of the SMAs to push the rate to trade at the 1.1500 level.
During Tuesday’s trading session, the currency pair broke the resistance of the upper boundary of the small pattern line to end the trading day at the 1.1431 mark. During Wednesday morning hours, the European Single Currency was located near the 50.00 % the weekly R1 to trade at the 1.1456 mark.
In regards to the near-term future, most likely, the currency exchange rate will be retraced by the bottom boundary of the medium ascending pattern line at 1.1480 to pass through the monthly pivot point at the 1.14.13 mark.
However, the rate could break the resistance of the medium pattern line at 1.1480 due to the support of the SMAs to push the rate to trade at the 1.1500 level.
Comment:
During Thursday’s morning hours, the European Single Currency was trading between the 55-hour and the 100-hour simple moving averages at the 1.1423 mark.
In regards to the near-term future, most likely, the currency exchange rate will surge towards the 1.1480 level breaking the resistance of the 50.00% Fibo. The supports of the simple moving averages together with the monthly pivot point at 1.1413 should push the rate to surge during the trading session on Thursday.
On the other hand, today’s significant fundamental release of the US Federal Funds Rate at 19:00 GMT could ignore the predictions for the currency exchange pair to push the European Single Currency to trade near the weekly PP at 1.1382.
During Thursday’s morning hours, the European Single Currency was trading between the 55-hour and the 100-hour simple moving averages at the 1.1423 mark.
In regards to the near-term future, most likely, the currency exchange rate will surge towards the 1.1480 level breaking the resistance of the 50.00% Fibo. The supports of the simple moving averages together with the monthly pivot point at 1.1413 should push the rate to surge during the trading session on Thursday.
On the other hand, today’s significant fundamental release of the US Federal Funds Rate at 19:00 GMT could ignore the predictions for the currency exchange pair to push the European Single Currency to trade near the weekly PP at 1.1382.
During Monday’s trading session, the currency pair passed through most of the technical indicators to end the trading day at the 1.1407 mark. During Tuesday morning hours, the European Single Currency was located near the monthly pivot point at the 1.1406 mark.
In regards to the near-term future, most likely, the currency exchange rate will trade sideways to stay in the range between the monthly pivot point at the 1.1413 and the weekly pivot point at the 1.1382.
However, today’s US Congressional Elections may affect the rate to break the resistance of the monthly PP at 1.1413 or the support of the weekly PP at 1.1382.