During the previous trading day, the currency exchange rate traded between the weekly S1 and the monthly PP to stay at the 1.1380 level. On Thursday morning, the rate continued trading at the same level at the 1.1397 mark.
In regards to the near-term future, most likely, the European Single Currency will be resisted by the monthly pivot point at 1.1408 and the 55-hour simple moving average to trade below the 1.1360 level.
However, the rate could use the support of the weekly S1 to break the resistance levels to trade at 1.1420.
