During Friday’s trading session, the currency exchange rate passed through the support level of the 55-hour simple moving average to end the trading session at 1.1453. On Monday morning, the rate was located between the 55-hour and the 100-hour SMAs at the 1.1445 mark.
In regards to the near-term future, most likely, the European Single Currency will trade sideways to stay at 1.1450 during the day.
However, the weekly pivot point at the 1.1454 mark and the 55-hour simple moving average could retrace the rate to push it to pass through the support level of the monthly pivot point at 1.1435.
