On Thursday, the European Single Currency jumped against the US Dollar as it was expected. The rate ignored most technical levels to continue trading at the 1.1778 mark during Friday morning hours.
In regards to the near-term future, most likely, the rate will continue to surge upwards until the rate meets the monthly R1 at 1.1792 mark, which could bounce the rate to go downwards to the 1.1760 level during the session.
On the other hand, the rate could break the resistance of the monthly R1 at 1.1792 to trade between the monthly R1 and the weekly R2 at 1.1819 mark on Friday.
