During Monday’s trading session, the European Single Currency was moving sideways to end the trading session at the 1.1448 mark. On Tuesday morning, the currency exchange rate depreciated by 0.38% to trade at the 1.1434 mark.
In regards to the near-term future, most likely, the currency exchange rate will be trading sideways to stay at the 1.1440 level during the day. The 55-hour simple moving average will catch up the rate to give additional support for the rate.
On the other side, the European Single Currency could break the resistance of the 50.00% Fibo at the 1.1462 mark to surge towards the weekly R1 at the 1.1488 mark.
In regards to the near-term future, most likely, the currency exchange rate will be trading sideways to stay at the 1.1440 level during the day. The 55-hour simple moving average will catch up the rate to give additional support for the rate.
On the other side, the European Single Currency could break the resistance of the 50.00% Fibo at the 1.1462 mark to surge towards the weekly R1 at the 1.1488 mark.
Comment:
During Wednesday’s trading session, the currency exchange pair was resisted by the monthly PP and the 55-hour SMA to end the trading session at the 1.1385 mark. During Thursday morning hours, the currency exchange rate broke the resistance of the monthly pivot point at 1.1413 to trade at the 1.1424 mark.
In regards to the near-term future, most likely, the currency exchange rate will trade upwards to meet the upper boundary of the medium pattern line at the 1.1450 level. The 100-hour SMA will support the surge during the trading session.
On the other side, due to a lack of fundamental news on Thursday, the European Single Currency could trade sideways to stay at the 1.1420 level during the day.
During Wednesday’s trading session, the currency exchange pair was resisted by the monthly PP and the 55-hour SMA to end the trading session at the 1.1385 mark. During Thursday morning hours, the currency exchange rate broke the resistance of the monthly pivot point at 1.1413 to trade at the 1.1424 mark.
In regards to the near-term future, most likely, the currency exchange rate will trade upwards to meet the upper boundary of the medium pattern line at the 1.1450 level. The 100-hour SMA will support the surge during the trading session.
On the other side, due to a lack of fundamental news on Thursday, the European Single Currency could trade sideways to stay at the 1.1420 level during the day.
Comment:
During Thursday’s trading session, the currency exchange pair was supported by the 55-hour SMA to end the trading session at the 1.1401 mark. During Friday morning hours, the currency exchange rate depreciated by 52 pips or 0.46% to trade at the 1.1376 mark.
On Friday, the currency exchange rate will trade sideways between the 100-hour and the 200-hour SMAs to stay at the 1.1380 level. The 200-hour simple moving average will try to support the rate from fall for the rest of the trading day.
However, the rate could pass through the support of the 200-hour simple moving average to trade near the weekly pivot point at the 1.1352 mark.
During Thursday’s trading session, the currency exchange pair was supported by the 55-hour SMA to end the trading session at the 1.1401 mark. During Friday morning hours, the currency exchange rate depreciated by 52 pips or 0.46% to trade at the 1.1376 mark.
On Friday, the currency exchange rate will trade sideways between the 100-hour and the 200-hour SMAs to stay at the 1.1380 level. The 200-hour simple moving average will try to support the rate from fall for the rest of the trading day.
However, the rate could pass through the support of the 200-hour simple moving average to trade near the weekly pivot point at the 1.1352 mark.
During Tuesday’s trading session, the currency pair passed through most of the technical indicators to end the trading session at the 1.1366 mark. On Wednesday, the currency exchange rate was resisted by the 200-hour SMA to trade at 1.1376.
In regards to the near-term future, the currency exchange rate could be resisted by the technical indicators to push the rate to trade sideways at the 1.1380 level during the trading session on Wednesday.
However, today’s US Durable Goods Orders data release at 13:30 GMT could support the rate to break the resistance of the monthly pivot point at the 1.1413 mark to trade at the 1.1400 level.