During Thursday’s Draghi’s speech, the European Single Currency depreciated against the US Dollar to pass through the support levels of the monthly S1 and the weekly S1 to end the trading session at the 1.3005 mark. Besides, the chart was thoroughly reviewed and corrected!
In regards to the near-term future, it is expected, that the rate will be retraced by the 55-hour and the 100-hour simple moving averages towards the weekly S2 at 1.1262.
On the other hand, the European Single Currency might break the resistance levels of the SMAs to trade near the weekly pivot point at the 1.1402 mark.
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