During Friday’s trading session, the European Single Currency broke through the resistance level of the 61.80% Fibo to end the trading session at the 1.1223 mark. On Monday morning, the rate broke the 55-hour simple moving average to trade at the 1.1247 mark.
In regards to the near-term future, it is expected that the 55-hour simple moving average will retrace towards the 61.80 % Fibonacci retracement level at the 1.1203 mark.
On the other hand, today’s US Retail Sales and Core Retail Sales data release at 12:30 GMT could push the rate to break the resistance of the 100-hour simple moving average to end the trading day at the 1.1280 level.
