The European Single Currency depreciated 0.16% since Tuesday’s trading session. On Wednesday morning, the rate passed the support of the weekly PP at the 1.1581 mark.
In regards to the near future, most likely, the rate should go downwards due to the resistance of the simple moving averages, which are located above 1.1580 and will not allow the rate to move upwards during the day. The rate might decline down to the 1.1540 level near the monthly PP during Wednesday’s session.
In another scenario, the EUR/USD could remain without momentum and remain near the weekly PP at the 1.1581 mark.
