During Friday’s session, the currency pair passed through the monthly S2 at 1.1359, but afterwards, the rate recovered itself to end the trading day at 1.1389. On Monday morning, the European Single Currency was resisted by the 55-hour SMA to trade at the 1.1379 mark.
In regards to the near-term future, most likely, the currency pair will trade sideways above the monthly S2 at 1.1359 due to a lack of any significant fundamental news for the currency exchange pair during the trading day.
However, the resistance of the 55-hour SMA could push the rate to pass through the support of the monthly S2 to trade at 1.1300 on Monday.
