During Friday’s trading session, the currency exchange rate depreciated to the 1.1340 level. However, on Monday morning, the European Single Currency recovered against the US Dollar to the 1.1381 mark.
In regards to the near-term future, most likely, the 55-hour and the 100-hour simple moving averages will continue retracing the rate to push the European Single Currency to depreciate against the US Dollar.
Moreover, it is expected that the currency exchange rate will be trading at the 1.1340 level during the trading session.
