During Thursday’s trading session, the currency exchange pair broke the resistance of the 200-hour SMA to end the trading session at 1.1389. During Friday morning hours, the rate was trading between the monthly pivot point and the weekly pivot point at the 1.1391 mark.
In regards to the near-term future, most likely, the currency exchange rate will surge upwards to meet the upper boundary of the descending large pattern line at 1.1413 to bounce off to trade at the previously drawn pattern.
However, the European Single Currency could pass through the resistances of the large pattern line and the monthly PP to trade near the weekly R1 at 1.1420 level.
