During Tuesday morning hours, the European Single currency depreciated by 51 pips or 0.45% to trade below the 50.00% Fibonacci retracement level at the 1.1440 mark.
In regards to the near-term future, the rate will surge upwards to meet the weekly R1 at the 1.1493 mark. Besides, the 55-hour simple moving average may support the surge for the rest of the trading session.
However, the weekly R1 could retrace the EUR/USD to push the rate to stay at the 1.1480 level during the day.
