EUR/USD Analysis: Passes dominant to 1.1240
|EURUSD
The European Single Currency passed through the support level of the dominant pattern line at 1.3106. Moreover, the rate passed through the other two technical indicators to trade at the the1.2600 mark.
In regards to the near-term future, most likely, the European Single Currency will continue depreciating against the US Dollar to the weekly S2 at 1.1229.
Meanwhile, the 55-hour and the 100-hour simple moving averages will try to catch up the rate during the day.
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