The common European currency is trading against the US Dollar as expected. The pair surged on Wednesday and hit the resistance put up by the 55-hour SMA just above the 1.1350 mark. As a result of that, a retreat began, which has been stalled by the support of the monthly PP at the 1.1331 level. However, the pair is still set to decline due to various reasons. First of all the 55-hour SMA continues to move lower, as it is strengthening the resistance of the weekly PP. Secondly, the currency exchange rate has passed the support of the 200-hour SMA, which on Thursday morning was providing resistance. Moreover, the 200-hour SMA near the 1.1340 level managed to hold off any attempted rebounds by the Euro against the Greenback. Due to that a fall down to the 1.1250 mark can be expected.
