The European Single Currency depreciated 0.54% against the US Dollar since Thursday’s session. During the last trading session, the currency pair passed through the monthly S1 at 1.1482 and was stopped by the medium pattern line at the 1.1453 mark. On Friday, the rate passed the support of the medium channel to trade at the 1.1443 mark.
In regards to the near-term future, most likely, the rate will trade sideways to stay at the 1.1420 level. The SMAs will try to catch up the rate during the trading day.
However, the rate might bounce off the bottom boundary of the pattern line to push the rate to decline to the 1.1400 level on Friday
