During Wednesday’s session, the European Single Currency was retraced by the 200-hour simple moving average to end the session at 1.1240. On Thursday, the rate depreciated to the 1.1233 mark.
It is expected, that the rate will continue to move sideways to be located between the 200-hour SMA at the 1.1248 mark and the 100-hour SMA at the 1.1223 mark.
Moreover, the currency exchange rate could depreciate to the 1.1225 level to be retraced by the 55-hour and the 100-hour simple moving averages.
