The European Single Currency depreciated 0.33% against the US Dollar since Friday’s session. On Monday morning, the currency exchange rate was located between the SMAs, near the weekly pivot point at the 1.1624 level.
In regards to the near future, most likely, the rate should go upwards due to the support of the weekly PP at the 1.1624 mark together with the support of the 200-hour and the 100-hour simple moving averages at 1.1620 level.
However, the rate might be stopped from the surge at the 1.1660 mark where 55-hour simple moving average may resist the rate to move downwards to the weekly pivot point at the 1.1624 mark.
