The European Single Currency depreciated 0.14% against the US Dollar since Friday’s session. During Monday morning hours, the rate was resisted by the 55-hour SMA at the 1.1498 mark.

In regards to the near-term future, most likely, the European Single Currency will trade downwards to the monthly S1 at the 1.1482 level. It is expected that the rate will bounce off the monthly S1 support level to keep trading in the pattern at the 1.1480 level during the day.

However, the monthly S1 support may push the rate to break the upper boundary of the medium descending pattern line to trade at the 1.1520 level.

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