The European Single Currency depreciated against the US Dollar on Thursday morning. The currency pair bounced off the bottom of the trend line and the monthly pivot point near 1.1690. In addition, the currency pair was supported by 55-hour SMA. The EUR/USD rate was trading lower than the previous high of 1.1730 which we could see on Tuesday at noon.
The technical indicators were flashing bullish signal, and it was expected that the rate might break the weekly resistance level R1 and Fibonacci retracement level of 38.20% near 1.1715 level during Thursday’s trading session.
