During Friday’s trading session, the European Single Currency passed through the monthly pivot point at the 1.1346 mark to depreciate by 56 pips or 0.49%. On Monday morning, the rate was recovering itself to trade upwards at the 1.1308 mark.
Most likely, the European Single Currency will be trading near the bottom boundary of the dominant pattern at the 1.2600 level. The 55-hour simple moving average will try to catch up the rate to give an additional resistance for the currency pair.
On the other side, the European Single Currency could recover itself to appreciate against the US Dollar to trade near the weekly PP at the 1.1340 mark.
