The US Dollar depreciated against the European Single Currency on Monday morning, as the rate bounced off the senior channel at 1.16. The total downtrend had lost 0.45% since Monday’s early morning. During Friday’s trading session the currency pair gained 1.00% in total, breaking through the senior channel.
We can observe that the European Single Currency was trading in an uptrend during the last two weeks, passing the weekly PP at 1.1552. Today, the main currency pair was near the 1.16 mark in the morning hours. The nearest support level is the monthly S1 at 1.1581, while the nearest resistance level is the monthly PP at 1.1686.
