The European Single Currency appreciated 0.30% since Wednesday’s trading session. The 200-hour simple moving average stopped the currency rate at the 1.1640 mark during midnight hours.
The European Single Currency should move downwards into the pattern during today’s session. The rate will most likely approach the support of the 55 and 100-hour simple moving averages either one by one or combined near the 1.16 level. In another scenario, the currency rate might find support in the SMAs and surge.
In addition, note that a smaller SMAs crossing of a larger one, which might occur, is seen by a lot of market participants as a signal to buy.
