During Monday’s trading session, the European Single Currency passed through the bottom boundary of the horizontal pattern line to end the trading session at the 1.1222 mark. During Tuesday’s morning hours, the currency exchange rate was located below the weekly S1 at the 1.1239 mark.
In regards to the near-term future, most likely, the currency exchange rate will trade sideways between the range of the weekly S1 and the 61.80% Fibo. The 55-hour SMA will catch up the rate to give an additional resistance.
On the other hand, the predictions for the currency pair could be broken due to today’s US FOMC Member Brainard Speech at 15:00 GMT.
