The European Single Currency depreciated 0.07% against the US Dollar since last Friday. The currency exchange rate was located at the 1.1759 mark on Monday morning.
In regards to the near-term future, the rate will surge upwards to the monthly R1 at the 1.1792 mark due to the support of the weekly PP at 1.1724 and the 38.20% Fibo. Moreover, the rate is also supported by the 55-hour and the 100-hour SMAs, which should help the rate to surge during the day.
Most likely, the rate will bounce off the monthly R1 during the session, but it also might move unexpectedly to other side due to the Mario Draghi’s testimony before a EU Parliament Committee at 13:00 GMT.
