During Thursday’s trading session, the European Single Currency surged to the 1.1340 level piercing the resistance of the 200-hour simple moving average. During Friday morning hours, the currency exchange rate was resisted by the 200-hour simple moving average to trade at the 1.1347 mark.
In regards to the near-term future, most likely, the currency exchange rate will move upwards to break the resistance of the 200-hour simple moving average to trade near the weekly pivot point at the 1.1384 mark.
On the other side, the 200-hour simple moving average could resist the currency exchange pair to push the rate to trade at the 1.1320 level during the day.
