During Tuesday’s trading session, the currency pair broke the resistance of the upper boundary of the small pattern line to end the trading day at the 1.1431 mark. During Wednesday morning hours, the European Single Currency was located near the 50.00 % the weekly R1 to trade at the 1.1456 mark.
In regards to the near-term future, most likely, the currency exchange rate will be retraced by the bottom boundary of the medium ascending pattern line at 1.1480 to pass through the monthly pivot point at the 1.1413 mark.
However, the rate could break the resistance of the medium pattern line at 1.1480 due to the support of the SMAs to push the rate to trade at the 1.1500 level.
