During Wednesday’s trading session, the European Single Currency was trading sideways to stay at the 1.1320 level.
In regards to the near-term future, most likely, the currency exchange rate will pass the resistance of the weekly R1 at 1.1345. The 100-hour simple moving average should support the surge during the day.
However, the European Single Currency could depreciate against the US Dollar during today’s US Durable Goods Orders and Core Durable Goods Orders at 13:30 GMT to pass through the 100-hour SMA towards the 200-hour SMA at the 1.1307 mark.
