During Thursday’s trading session, the European Single Currency was supported by the 55-hour simple moving average to keep trading inside the trend line at 1.1300. On Friday morning, the rate was located at the 1.1320 mark.

In regards to the near-term future, most likely, the currency exchange rate will trade sideways to end the trading session at the 1.1340 level.

Moreover, it is possible that the rate could bounce off the bottom boundary of the trend line at the 1.1320 mark to surge towards the weekly R1 at 1.1354.

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