During Monday’s trading session, the European Single Currency dropped below the technical indicators to 1.1300. During Tuesday’s morning, the currency exchange rate was trading sideways to be located at the 1.1326 mark. Note, the rate broke the previously drawn medium pattern!
In regards to the near-term future, it is expected that the rate will decline towards the 1.1300 mark to break freshly drawn pattern line.
However, the European Single Currency could bounce off the bottom boundary of the medium pattern line at 1.1320 to appreciate against the US Dollar to the 1.1340 level.
