During the previous trading day, the European Single Currency reached the 1.1440 level but lately was depreciated against the US Dollar to fall to 1.1360 level. On Thursday morning, the currency exchange rate was trading near the weekly R1 at 1.1410 mark.
It is expected that the rate will surge upwards to reach the 50.00% Fibo at 1.1460 mark. Besides, the 55-hour SMA will try to support the rate during the day.
On the other side, the European Single Currency could depreciate against the US Dollar to pass through most of the technical indicators to trade below the weekly pivot point at the 1.1320 level.
