On Thursday morning, the currency exchange rate passed through the support levels of the 55-hour and the 100-hour simple moving averages to trade at the previously predicted 1.1340 level.
In regards to the near-term future, most likely, the European Single Currency will be retraced by the bottom boundary of the descending medium pattern line at 1.1320 to surge to the 1.1400 level.
However, the European Single Currency could depreciate against the US Dollar to the weekly S1 at 1.1315 during today’s EU Main Refinancing Rate release at 13:45 GMT.
