During Friday’s trading session, the European Single Currency appreciated against the US Dollar by 97 pips or 0.86%, breaking most of the technical indicators. On Monday morning, the currency exchange rate was located below the monthly pivot point at the 1.1402 mark.
In regards to the near-term future, most likely, the rate will trade towards the weekly pivot point at 1.1372.
Moreover, the European Single Currency could be retraced by the simple moving averages to jump back to the 1.1400 level.
