During Wednesday’s trading session, the currency exchange rate sideways to end the day near the monthly S1 at 1.1240, as it was predicted! On Thursday morning, the rate was trading at the 1.1251 mark.
In regards to the near-term future, most likely, the rate will pass through the support levels of the monthly S1 and the weekly S1 to end the trading session at the 1.1200 level. Besides, the 55-hour simple moving average could retrace the rate during the day!
However, today’s US Final GDP data release at 12:30 GMT, could depreciate the US Dollar against the European Single Currency to push the rate to the 1.1280 level.
