During Tuesday’s session, the currency rate passed through the support of the monthly S2 at 1.1359 to end the trading day at 1.1340. On Wednesday morning, the European Single Currency was trying to recover itself to trade near the monthly S2 at the 1.1350 mark.
In regards to the near-term future, most likely, the currency rate will trade downside towards the weekly S1 at 1.1310. The monthly S2 resistance level will retrace the rate from the surge during the trading day on Wednesday.
However, today’s fundamental news could break the predictions for the currency exchange pair to push the rate to sure upwards to 1.1380. Watch out for the news!
