During Monday’s trading session, the rate passed through the support level of the monthly PP at 1.1435. On Tuesday morning, the European Single Currency was located at the 1.1413 mark.
Most likely, the rate will trade sideways to stay between the weekly S1 at 1.1394 and the 200-hour simple moving average at 1.1422. In addition, most likely, the 200-hour SMA will resist the rate during the day.
On the other hand, the resistance of the 200-hour SMA could push the European Single Currency to pass through the support level of the weekly S1 to the 1.3800 level.
