During Friday’s trading session, the currency exchange pair depreciated by 0.83% breaking most of the technical indicators to end the trading session at 1.1337. On Monday morning, the European Single Currency surged to the 1.1360 mark.
In regards to the near-term future, most likely, the currency exchange rate will move sideways to trade between the weekly R1 at 1.1394 and the monthly pivot point at 1.1346. The 200-hour simple moving average should support the rate during the trading day on Monday.
On the other side, today’s US ISM Manufacturing PMI data release could push the European Single Currency to meet the weekly R1 at 1.1394 mark.
