During Friday’s trading session, the European Single Currency was supported by the 55-hour simple moving average to trade sideways at 1.1320. On Monday morning, the rate was located at the 1.1344 mark.
In regards to the near-term future, it is expected that the European Single Currency will appreciate against the US Dollar to break the monthly pivot point at the 1.1364 mark. Besides, most likely, the rate will end the trading session at the 1.1360 level.
On the other hand, the resistance level of the monthly pivot point at the 1.1364 mark could retrace the rate to the 1.1340 level.
