The European Single Currency depreciated 0.60% against the US Dollar since Wednesday’s session. During the last trading session, the currency pair passed through the 200-hour SMA and weekly PP at 1.1535 to stop the trade at 1.1495 mark. On Thursday, the rate bounced off the monthly S1 to trade at 1.1499 mark.
The rate waits for a break-out during the trading session. On Thursday, most likely, the rate will go downwards to pass through the monthly S1 at 1.1482 but will be stopped by the weekly S1 at 1.1459 mark and the 50.00 % Fibo.
On the other side, after the break-out, the rate might go upwards to push the rate to trade at the 1.1520 mark during the trading session.
