The European Single Currency depreciated 1.04% against the US Dollar since Thursday’s session. The rate was located at the 1.1629 mark on Friday morning.
In regards to the near future, most likely, the rate will move down towards the monthly PP at the 1.1546 mark to trade in the 1.1580 area on Friday. The simple moving averages will try to catch up the rate to resist the European Single currency.
On the other hand, any fundamental news may change the trade direction of the currency pair to move it upwards to locate near the 1.1680 mark during the day.
