The European Single Currency depreciated 0.49% against the US Dollar since Wednesday’s session. On Thursday, the rate was located below the monthly S1 at the 1.1485 mark.

During Thursday’s session, the European Single Currency will trade sideways due to the resistance of the monthly S1 and the weekly S1, together with the support of the 50.00% Fibo at 1.1460 mark. Most likely, the rate will trade at the 1.1500 mark during the session.

On the other side, the rate might break the weekly S1 at 1.1511 level to trade near the 1.1520 mark during the day.

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