During Monday’s trading session, the currency exchange rate traded sideways to end the trading session at 1.1300 as it was expected. On Tuesday morning, the European Single Currency broke through the resistance level of the 55-hour simple moving average to trade at the 1.1318 mark.
It is expected that the simple moving averages will retrace the rate during today’s session to push the rate to pass through the bottom boundary of the pattern line at the 1.1300 mark. Most likely, the rate will end the trading session near the monthly S1 at 1.1240.
On the other hand, the 55-hour SMA could support the European Single Currency to appreciate against the US Dollar to the weekly PP at 1.1341 mark.
