Although the common European currency did pass the combined support of the 55, 100 and 200-hour simple moving averages against the US Dollar, the rate did not decline down to the weekly S1 at 1.1569. Instead a deal made in Germany in regards to migration caused a surge in the Euro against the rest of the markets.
By the middle of Tuesday’s trading session the resulting surge had reached the dominant resistance line, which is located near the 1.1670 mark. The resistance line managed to hold its ground. However, support levels where approaching from the bottom. Due to these factors combined one needs to look out for a breaking of the trend line.
