After the massive 2.28% plunge against the US Dollar on Thursday, the common European currency was expected to accelerate during the following trading session. The pair did manage to gain some momentum during the first part of the day, but nevertheless failed to reach the 55–hour SMA near 1.1650.
The rate has remained fluctuating near the 1.16 mark since late Thursday. Despite showing mixed signals today, technical indicators are starting to recover from their lows. This could indicate to further upside potential today. This advance is not expected to be significant, as the Euro’s movement on Friday does show that it has remained weak.
The session high should be the 100-hour SMA at 1.17, while a fall below its one-year low and the weekly S1 at 1.15 is very unlikely this week.
