The common European currency traded just above the newly formed weekly PP at 1.1151 against the US Dollar on Monday morning. In addition, the pivot point is also supported by the 55-day SMA. The currency exchange rate already bounced off the support level once, and no matter if it tests the support once more, the pair is most likely to surge during today's trading session. A surge is also supported by the daily aggregate technical indicators and the fact that the currency pair is close to being oversold.
On the hourly chart the Euro appreciated slowly against the Greenback at the start of Friday's trading session, as the currency exchange rate was struggling with the resistance put up by the 55-hour SMA. However, that changed at 12:30 GMT, as the US Retail Sales data came in a lot lower than expected, which skyrocketed the EUR/USD pair, as it surged from 1.1150 to 1.1221 during the hour from 12:00 to 13:00 GMT. Afterwards, the currency rate gradually returned to almost the previous level, as it was at 1.1155 by 1:00 GMT on Monday, Dukascopy experts said (rated among the TOP Forex Brokers Masterforex-V World Academy http://www.masterforex-v.com/).
