During Friday’s trading session, the European Single Currency was trading downwards to end the trading session at the 1.1319 mark. During Monday’s morning hours, the currency exchange rate was located near the medium horizontal pattern line at the 1.1308 mark.
In regards to the near-term future, most likely, the currency exchange rate will keep trading downside towards the weekly S1 at the 1.1269 level breaking the support level of the medium pattern line at the 1.1300 mark.
On the other hand, the rate could be supported by the medium pattern line at the 1.1300 mark to recover itself to surge upwards to the 1.1340 level during the day.
In regards to the near-term future, most likely, the currency exchange rate will keep trading downside towards the weekly S1 at the 1.1269 level breaking the support level of the medium pattern line at the 1.1300 mark.
On the other hand, the rate could be supported by the medium pattern line at the 1.1300 mark to recover itself to surge upwards to the 1.1340 level during the day.
Comment:
During the previous trading session, the European Single Currency recovered itself to end the trading session at the 1.1304 mark. During Wednesday’s morning hours, the currency exchange rate was located near the horizontal pattern line at 1.1290.
In regards to the near-term future, most likely, the currency exchange rate will move downside towards the weekly S2 at 1.1201 due to the resistances of the horizontal pattern line at 1.3000 and the 100-hour SMA at the 1.1317 mark.
On the other side, the supports of the 55-hour SMA at 1.1269 and the weekly S1 at 1.1269 could push the currency pair to trade in the horizontal pattern at the 1.1350 level.
During the previous trading session, the European Single Currency recovered itself to end the trading session at the 1.1304 mark. During Wednesday’s morning hours, the currency exchange rate was located near the horizontal pattern line at 1.1290.
In regards to the near-term future, most likely, the currency exchange rate will move downside towards the weekly S2 at 1.1201 due to the resistances of the horizontal pattern line at 1.3000 and the 100-hour SMA at the 1.1317 mark.
On the other side, the supports of the 55-hour SMA at 1.1269 and the weekly S1 at 1.1269 could push the currency pair to trade in the horizontal pattern at the 1.1350 level.
Comment:
During Wednesday’s trading session, the European Single Currency surged to 1.1340 level to end the trading session at the 1.1311 mark. During Thursday morning hours, the currency exchange rate was resisted by the 200-hour simple moving average to trade at the 1.1323 mark.
In regards to the near-term future, most likely, the currency exchange rate will move sideways between the 200-hour and the 100-hour SMAs at the 1.1300 level.
On the other side, today’s US Retail Sales data release at 13:30 GMT may push the rate to break the 200-hour SMA to trade near the monthly PP at 1.1413 or move the rate downwards to trade near the 61.80% Fibo at the 1.1203 mark.
During Wednesday’s trading session, the European Single Currency surged to 1.1340 level to end the trading session at the 1.1311 mark. During Thursday morning hours, the currency exchange rate was resisted by the 200-hour simple moving average to trade at the 1.1323 mark.
In regards to the near-term future, most likely, the currency exchange rate will move sideways between the 200-hour and the 100-hour SMAs at the 1.1300 level.
On the other side, today’s US Retail Sales data release at 13:30 GMT may push the rate to break the 200-hour SMA to trade near the monthly PP at 1.1413 or move the rate downwards to trade near the 61.80% Fibo at the 1.1203 mark.
Comment:
During Thursday’s trading session, the European Single Currency surged to the 1.1340 level piercing the resistance of the 200-hour simple moving average. During Friday morning hours, the currency exchange rate was resisted by the 200-hour simple moving average to trade at the 1.1347 mark.
In regards to the near-term future, most likely, the currency exchange rate will move upwards to break the resistance of the 200-hour simple moving average to trade near the weekly pivot point at the 1.1384 mark.
On the other side, the 200-hour simple moving average could resist the currency exchange pair to push the rate to trade at the 1.1320 level during the day.
During Thursday’s trading session, the European Single Currency surged to the 1.1340 level piercing the resistance of the 200-hour simple moving average. During Friday morning hours, the currency exchange rate was resisted by the 200-hour simple moving average to trade at the 1.1347 mark.
In regards to the near-term future, most likely, the currency exchange rate will move upwards to break the resistance of the 200-hour simple moving average to trade near the weekly pivot point at the 1.1384 mark.
On the other side, the 200-hour simple moving average could resist the currency exchange pair to push the rate to trade at the 1.1320 level during the day.
During Monday’s trading session, the European Single Currency passed through the bottom boundary of the horizontal pattern line to end the trading session at the 1.1222 mark. During Tuesday’s morning hours, the currency exchange rate was located below the weekly S1 at the 1.1239 mark.
In regards to the near-term future, most likely, the currency exchange rate will trade sideways between the range of the weekly S1 and the 61.80% Fibo. The 55-hour SMA will catch up the rate to give an additional resistance.
On the other hand, the predictions for the currency pair could be broken due to today’s US FOMC Member Brainard Speech at 15:00 GMT.