Wednesday’s trading session was beneficial for bulls, as the Euro managed to gain 65 pips against its American counterpart during the second part of the day. This surge started when the pair failed to move below the 55-period (4H) and 200-hour SMAs at 1.1740. This level has likewise been a strong resistance/support level since May 21.
Along the way, the rate breached the upper boundary of a one-week descending triangle. This should result in further advance that is expected to occur if the 200-period (4H) SMA at 1.1813 is breached. The daily high in this scenario should be the weekly R1 at 1.1856.
In the meantime, the pair should be supported by the 55-, 100– and 200-hour SMAs and the monthly and weekly PPs in the 1.1755/1.1780 range.