The European Single Currency depreciated 0.33% against the US Dollar since Friday’s session. On Monday morning, the rate was located below the monthly PP and the weekly PP at the 1.5878 level.
In regards to the near future, the rate will move downwards to the weekly S1 at the 1.1511 level during the session. Most likely, the 55-hour simple moving average will give an additional resistance for the rate to downtrend.
However, the ISM Manufacturing PMI data release at 14:00 GMT could push the rate to go upwards to the monthly PP at 1.1649 or pass the support of the weekly S1 at the 1.1511 level on Monday.
