During Friday’s session, the rate broke the resistance of the monthly PP at 1.1413 but was diminished to end the trading day at the 1.1388 mark. During Monday morning hours, the European Single Currency was supported by the 200-hour SMA near the weekly PP at the 1.1390 mark.
In regards to the near-term future, the currency exchange pair will trade upwards due to the support of the weekly PP at 1.1382 and the support of the 200-hour SMA. It is expected that the rate will trade near the 1.1420 mark during the day.
On the other side, the rate might get resisted by the monthly PP at 1.1413 to trade at 1.1360 after the US ISM Non-Manufacturing PMI data release at 15:00 GMT.
