During the previous trading session, the European Single Currency was resisted by the 55-hour simple moving average to pass the support level of the weekly S1 at 1.1276. On Friday morning, the rate was located at the 1.1265 mark.
In regards to the near-term future, most likely, the currency exchange rate will depreciate to the weekly S2 at the 1.1229 mark.
Meanwhile, the 55-hour and the 100-hour simple moving averages continue to decline the rate towards the 1.1200 level.
