The European Single Currency passed through the strong support level of the small pattern line at 1.1309. On Thursday morning, the rate was resisted by the 55-hour and the 100-hour SMAs to push the rate to the 1.1265 mark. Note, some corrections were applied to the chart!
In regards to the near-term future, it is expected that the currency exchange rate will depreciate towards the 61.80% Fibonacci retracement level at the 1.1203 mark.
On the other hand, today’s US Retails Sales, Core Retail Sales, PPI and Core PPI data release at 13:30 GMT could push the US Dollar to appreciate against the European Single Currency to trade at the 1.1280 level.
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