During Monday’s session, the currency rate was resisted by the 100-hour SMA to end the trading day at 1.1374. On Tuesday morning, the European Single Currency was trading between the 55-hour SMA and the monthly S2 at the 1.1679 mark.
In regards to the near-term future, the rate will trade downside due to possible break-out of the 100-hour and the 55-hour SMAs during the trading session on Tuesday. Most likely, the rate will pass through the support of the monthly S2 at the 1.1359 mark to trade at the 1.1320 level.
Besides, US Dollar might depreciate during today’s fundamental news of the US CB Consumer Confidence at 14:00 GMT to push the rate to trade upside at 1.1400.
