During the previous trading session, the European Single Currency was depreciated against the US Dollar to the 1,1462 mark. On Monday morning, the currency exchange rate was supported by the 200-hour simple moving average to trade slightly below the weekly PP at 1.1479.
Most likely, the 200-hour SMA and the 50.00% Fibo will support the European Single Currency to appreciate against the US Dollar during the day. It is expected that the rate will break the weekly pivot point to pass the 1.1500 level.
On the other hand, the rate could trade sideways at the 1.1460 level due to a lack of any significant fundamental news which could affect the rate during the session.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.