During Monday’s trading session, the European Single Currency was moving sideways to end the trading session at the 1.1448 mark. On Tuesday morning, the currency exchange rate depreciated by 0.38% to trade at the 1.1434 mark.
In regards to the near-term future, most likely, the currency exchange rate will be trading sideways to stay at the 1.1440 level during the day. The 55-hour simple moving average will catch up the rate to give additional support for the rate.
On the other side, the European Single Currency could break the resistance of the 50.00% Fibo at the 1.1462 mark to surge towards the weekly R1 at the 1.1488 mark.
