During Monday’s trading session, the currency exchange pair broke the resistances of the SMAs to end the trading session at 1.1350. On Tuesday morning, the European Single Currency was supported by the simple moving averages to trade at the 1.1374 mark.
In regards to the near-term future, most likely, the European Single Currency will break the upper boundary of the descending medium pattern at 1.1380 level.
However, the weekly R1 at the 1.1394 mark could resist the European Single Currency to push the rate to trade sideways to stay at the 1.1360 level during the trading session on Tuesday.
