The European Single Currency appreciated 0.59% since Monday’s trading session. The currency rate passed the simple moving averages and was located at the 1.1620 mark during Tuesday morning hours.

Most likely, the rate should be stopped by the weekly R1 at the 1.1632 mark and the upper boundary of the descending medium channel to fit back into the pattern during Tuesday’s session.

In another scenario, the European Single Currency might take the support of the simple moving averages, which will push the rate to surge upwards to break the resistance levels of the weekly R1 and upper boundary of the medium pattern.

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