During Monday’s trading session, the rate depreciated by 92 pips or 0.80% breaking most of the technical indicators to end the trading session at 1.1353. On Tuesday, the European Single Currency was resisted by the 100-hour simple moving average.
In regards to the near-term future, most likely, the European Single Currency will be trading sideways between the weekly PP at 1.1372 and the monthly PP at 1.1346 to appreciate towards the upper boundary of the medium pattern at the 1.1380 mark.
On the other hand, today’s US PPI data release at 13:30 GMT could break the predictions for the currency pair to push the rate to pass the support level of the monthly PP at 1.1346 to trade near the weekly S1 at the 1.1321 level.
