The European Single Currency was supported by the 200-hour simple moving average together with the monthly pivot point at the 1.1408 level during the morning hours of the second Monday of 2019.
The currency exchange pair continues recovering from the dramatic drop of 187 pips or 1.62% which hurt the rate during the first week of 2019. It seems that the rate will be trading sideways to stay at the 1.1420 level during the trading day.
However, the European single currency could break the resistance level of the 50.00% Fibo at the 1.1462 mark during today’s US ISM Non-Manufacturing PMI data release at 15:00 GMT. Watch out for the news!
