The European Single Currency appreciated 0.42% against the US Dollar since Monday’s session. During the last trading session, the currency pair broke the 55-hour SMA to stop the trade at the 1.1581 mark. During Tuesday’s morning hours, the rate was located at the 1.1591 mark.
In regards to the near-term future, most likely, the European Single Currency will move upwards to bounce off the upper boundary of the pattern line to trade at the 1.1600 level. The 55-hour SMA should support the rate during the trading session.
On the other side, the currency pair might break the resistance of the pattern line to surge to the weekly R1 at the 1.1638 level on Tuesday.
