During the previous trading session, the currency exchange rate broke the 50.00% Fibonacci retracement level at 1.1462. On Thursday morning, the rate was located at the weekly R2 at 1.1500.
In regards to the near-term future, most likely, the European Single Currency will trade towards the descending medium pattern line at the 1.1540 mark. Moreover, the weekly R2 at 1.1500 should support the surge during the trading session.
However, the weekly R2 could retrace the European Single Currency to depreciate against the US Dollar to push the rate to trade sideways at the 1.1480 level
