The European Single Currency appreciated 0.56% against the US Dollar since Thursday’s session. During the previous session, the currency rate surged to the weekly R1 at the 1.1611 mark. During Friday’s morning hours, the rate almost reached the weekly R1 to trade at the 1.1587 mark.
In regards to the near-term future, most likely, the European Single Currency will try to break the resistance of the weekly R1 to trade near the monthly PP at the 1.1620 level during the trading session.
However, the weekly R1 resistance could stop the rate from surge to change the rate’s direction to move the currency pair to trade at the 1.1580 level on Friday.