The strong bullish momentum that prevailed in the market last week allowed the Euro to hit a new 2015/2018 high of 1.2550 against the US Dollar early on Friday. This sentiment did allay during the following hours, thus leaving the rate at the psychological 1.24 mark on Monday morning.
It is expected that this latest wave down was just a minor correction against the overall up-trend, as bulls were gaining strength for further appreciation within the following trading hours.
Meanwhile, this session should be relatively calm for the pair, as no significant fundamentals are to be released. Thus, the Euro is likely to fluctuate within the bounds of the 55– and 200-hour SMAs in the 1.2472/1.2350 territory. Supported by the weekly PP and the 100-hour SMA at 1.24, the pair could be tended slightly north.
