During Friday’s trading session, the European Single Currency was resisted by the 55-hour simple moving average to pass the support level of the weekly S1 at 1.1238. On Monday morning, the rate was trading between the 200-hour SMA and the monthly S1 at the 1.1305 mark.
It is expected that the currency exchange rate will trade sideways between the 55-hour and the 200-hour simple moving averages to stay at the 1.2800 level.
On the other hand, the resistance of the 200-hour SMA could push the rate to pass through most of the technical indicators to the 1.1260 level.
