Even though the weekly S1 did not hold the Euro mid-Wednesday, its subsequent fall against the US Dollar was not significant due to the psychological 1.13 level being located nearby.
Bears were not able to breach this 13-month low, thus sending the pair considerably higher during the following hours. It managed to breach the monthly S3 and the 55–hour SMA along the way, thus finally catching up with technical indicators which were showing an upward-sloping tendency already on Tuesday.
Given that the rate breached the 100-hour SMA, it is likely that the current surge continues in this session, as well. The nearest resistance is the relatively distant monthly S2, the weekly PP and the 200-hour SMA at 1.1470.
Meanwhile, a fall is unlikely to go below 1.13.
