The European Single Currency appreciated 0.20% against the US Dollar since Monday’s session. The rate retraced back to the 1.1767 mark during Tuesday morning hours.
In regards to the near-term future, most likely, the rate will move upwards to the monthly R1 at the 1.1792 mark but could bounce off the resistance level to move back to the weekly PP at the 1.1724. The 55-hour and 100-hour SMAs will support the rate during the day.
On the other hand, the rate might break the monthly R1 resistance to trade in the 1.1800 level near the upper boundary of the ascending trend-line.
