The European Single Currency appreciated 0.64% against the US Dollar since Thursday’s session. The currency exchange rate was located near the weekly R2 at the 1.1710 level during Friday morning hours.

In regards to the near future, most likely, the rate should retrace backwards due to the resistance of the weekly R2 at the 1.1710 level and 38.20% Fibonacci retracement level at 1.1720.

On the other hand, the European Single Currency might ignore resistance of the weekly R2 and the 38.20% Fibo level and surge upwards.

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