During yesterday’s trading session, the European Single Currency appreciated against the US Dollar to trade at 1.1200 level as it was expected! On Tuesday morning, the rate was located between the 100-hour and the 200-hour simple moving averages at the 1.1272 mark.
In regards to the near-term future, most likely, the currency exchange rate will be trading at the 1.1250 level to stay between the monthly S1 at 1.1240 and the weekly pivot point at 1.1265.
However, the 100-hour SMA might help the European Single Currency to break the resistance of the 200-hour SMA during today’s US Consumer Price Index and Core Consumer Price Index data release at 12:30 GMT to surge to 1.1300.
