The European Single Currency passed through the support level of the dominant pattern line at 1.3106. Moreover, the rate passed through the other two technical indicators to trade at the the1.2600 mark.
In regards to the near-term future, most likely, the European Single Currency will continue depreciating against the US Dollar to the weekly S2 at 1.1229.
Meanwhile, the 55-hour and the 100-hour simple moving averages will try to catch up the rate during the day.
In regards to the near-term future, most likely, the European Single Currency will continue depreciating against the US Dollar to the weekly S2 at 1.1229.
Meanwhile, the 55-hour and the 100-hour simple moving averages will try to catch up the rate during the day.
Comment:
The European Single Currency passed through the strong support level of the small pattern line at 1.1309. On Thursday morning, the rate was resisted by the 55-hour and the 100-hour SMAs to push the rate to the 1.1265 mark. Note, some corrections were applied to the chart!
In regards to the near-term future, it is expected that the currency exchange rate will depreciate towards the 61.80% Fibonacci retracement level at the 1.1203 mark.
On the other hand, today's US Retails Sales, Core Retail Sales, PPI and Core PPI data release at 13:30 GMT could push the US Dollar to appreciate against the European Single Currency to trade at the 1.1280 level.
The European Single Currency passed through the strong support level of the small pattern line at 1.1309. On Thursday morning, the rate was resisted by the 55-hour and the 100-hour SMAs to push the rate to the 1.1265 mark. Note, some corrections were applied to the chart!
In regards to the near-term future, it is expected that the currency exchange rate will depreciate towards the 61.80% Fibonacci retracement level at the 1.1203 mark.
On the other hand, today's US Retails Sales, Core Retail Sales, PPI and Core PPI data release at 13:30 GMT could push the US Dollar to appreciate against the European Single Currency to trade at the 1.1280 level.
During Tuesday’s trading session, the European Single Currency appreciated against the US Dollar to break the resistance levels of the monthly S1 at 1.1301 and the bottom boundary of the dominant pattern line at 1.1240. On Wednesday morning, the rate was supported by the 200-hour SMA at the 1.1318 mark.
In regards to the near-term future, most likely, the currency exchange rate will surge towards the weekly pivot point at 1.1368. Note, the 200-hour simple moving average should support the surge during the day.
However, today’s US CPI and Core CPI data release at 13:30 GMT could turn the rate towards the dominant pattern line at the 1.1240 mark.