During Thursday’s trading session, the European Single Currency passed the support levels of the 55-hour and the 100-hour simple moving averages to end the trading session at 1.3800. On Friday morning, the rate passed through the support level of the 200-hour SMA to trade at the 1.1324 mark.

In regards to the near-term future, most likely, the rate will trade sideways to stay at the 1.1300 level. Besides, the rate might slump to the weekly PP at 1.2977.

On the other hand, the currency exchange rate might get retraced by the 200-hour SMA to pass the support level of the weekly pivot point.

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