During the previous trading session, the rate was trading sideways stayed between the weekly R1 and the weekly R2 as it was expected! On Friday, the European Single Currency was trading near the support levels of the 55-hour SMA and the bottom boundary of the ascending pattern line at 1.1529.

In regards to the near-term future, most likely, the currency exchange rate will try to break the resistance level of the medium pattern line at 1.1550 to trade towards the weekly R2 at 1.1588.

On the other hand, the rate could be resisted by the medium pattern line at 1.1550 to pass the 55-hour and the 100-hour SMAs to trade at the 50.00% Fibo at 1.1462!

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