After scoring major gains against the US Dollar during the second half of Friday’s trading session the common European currency had retreated on Monday morning. The EUR/USD currency pair had jumped on Friday at 12:30 GMT when the worse than expected fundamental US data was released. It is most likely that the currency exchange rate will continue its short decline until it encounters the support of the 55-hour SMA. On Monday morning the SMA was moving higher near the 1.1240 mark, and it was supported by the lower Bollinger band of the hourly chart. In the case of a surge the pair would then begin the ascent to the weekly R1, which is located at the 1.1344 level.
