During Wednesday’s trading session, the currency exchange rate was resisted by the 100-hour SMA to end the trading session at 1.1344. On Thursday morning, the European Single Currency was resisted by the 200-hour SMA to trade at 1.1324.
In regards to the near-term future, most likely, the European Single Currency will keep trading downside to reach the bottom boundary of the medium horizontal pattern at the 1.1300 level.
On the other hand, today’s US ISM Non-Manufacturing PMI at 15:00 GMT could break the predictions for the currency pair. The fundamental event could push the rate to break the weekly PP and the monthly PP to trade at the 1.1360 level.
