The European Single Currency appreciated 0.29% against the US Dollar since Wednesday’s session. On Thursday morning, the currency pair broke the resistance of the weekly PP to trade at the 1.1541 mark.

In regards to the near-term future, most likely, the European Single Currency will trade upwards facing the weekly R1 at the 1.1611 level. The simple moving averages and the weekly PP at 1.1537 mark will support the rate during the day.

However, today’s fundamentals news could push the rate to go downwards to the monthly S1 at the 1.1482 mark.

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