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.

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The base scenario favours minor fluctuations in this session, with the range boundaries being located at the 55– and 200-hour SMAs.

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