The European Single Currency appreciated 0.13% since Thursday’s trading session. The currency rate was piercing the weekly pivot point at the 1.16 level during Friday morning hours.
The EUR/USD should move upwards to the upper boundary of the medium channel due to the strong support of the 55-hour and 100-hour SMAs, which most likely will support the rate during today’s trading session.
In another scenario, the European Single Currency might be stopped by the 200-hour SMA and the additional resistance of the weekly PP at the 1.1640 level and move downwards to the 1.16 level.
