During Tuesday’s trading session, the European Single Currency depreciated against the US Dollar to pass through the small pattern line to the 1.1240 level as it was predicted! On Wednesday morning, the rate was located above the monthly S1 at the 1.1267 mark.
In regards to the near-term future, most likely, the currency exchange rate will trade sideways towards the monthly S1 at the 1.1240 mark. Moreover, the rate might pass through the support levels of the S1’s towards the 61.80% Fibonacci retracement level at the 1.1203 mark.
On the other hand, the monthly S1 at the 1.1240 mark could retrace the rate to push it towards the upper boundary of the freshly drawn pattern line at 1.1260.
