On Wednesday, the currency exchange rate was trading above the monthly pivot point at 1.1443. Besides, the weekly S1 at 1.1390 supported the European Single Currency during the morning hours!
It is expected that the rate will continue depreciating during the trading session due to the resistance levels of the monthly PP and the weekly S1. Most likely, the rate will fall to the 1.3600 level.
On the other side, today’s US Crude Oil Inventories data release at 15:30 GMT could push the rate to surge to the 1.1440 level.
