As previously expected, the Euro surrendered under the bearish pressure on Thursday and thus was pushed down to the 200-hour SMA at 1.23. The 55– and 100-hour SMAs, the 23.60% Fibo retracement and the monthly PP was breached along the way.
Following this 62-pip fall, the pair rebounded from the long-term moving average and began edging higher. The pair’s movement early on Friday was constrained by the 100-hour SMA and the monthly PP.
The general tendency seems to be northwards; however, given that this session is likely to be rather uneventful, the Euro could lack the necessary strength to breach the 1.2360 level.
The base scenario favours minor fluctuations in this session, with the range boundaries being located at the 55– and 200-hour SMAs.
