During the previous trading session, the rate was resisted by the 55-hour simple moving average to push the rate to the 1.3600 level as it was expected. On Friday morning, the European Single Currency was trading between the monthly pivot point and the weekly S1 at the 1.1395 mark.
Most likely, the 55-hour simple moving average will continue retracing the rate to push it to the 1.1340 level during the day.
On the other side, the weekly S1 at the 1.1390 could support the currency exchange rate to break the resistance of the monthly pivot point at 1.1408.
