During the last trading session, the European Single Currency jumped by 62 pips or 0.54% to push the European Single Currency to break the resistance level of the weekly R1 at the 1.1546 mark.
In regards to the near-term future, most likely the currency exchange rate will trade sideways to stay between the weekly R1 at the 1.1546 mark and the weekly R2 at the 1.1588 mark. Meanwhile, the simple moving averages will try to catch up the rate during the trading session.
However, the European Single Currency might depreciate against the US Dollar to fall towards the weekly R1 at the 1.1496 mark.
