The European Single Currency appreciated 0.40% against the US Dollar since Friday’s session. During the last trading session, the currency pair broke the resistance of the monthly S1 at 1.1482 and was stopped by the 200-hour SMA at 1.1539. On Monday, the rate broke the weekly PP at 1.1523 to trade at the 1.1542 mark.
In regards to the near-term future, most likely, the rate will trade sideways to stay near the 1.1500 level due to a lack of any fundaments during the trading day. The 200-hour SMA should resist the European Single Currency during the day.
Besides, the 55-hour SMA will try to catch up the rate after the Friday’s surge.
