During Friday’s trading session, the European Single Currency broke the previously drawn pattern line to end the trading day at 1.1200. On Monday morning, the rate broke through the resistance level of the 55-hour simple moving average to the 1.1241 mark.
Most likely, the rate will surge towards the weekly pivot point at the 1.1253 mark to be retraced by the 100-hour simple moving average at 1.1253 mark. It is expected that the rate will end the trading day at the 1.1200 level.
On the other hand, today’s US Retail Sales release at 12:30 GMT might depreciate the US Dollar against the European Single Currency to break the resistance levels to push the rate to the 1.1260 level.
