During Tuesday’s session, the European Single Currency traded sideways to stay between the monthly PP and the weekly R1, as it was predicted! On Wednesday morning, the rate was supported by the 55-hour SMA to be located at the 1.1271 mark.
Looking on the chart, it seems that the currency exchange rate could break the resistance levels of the monthly PP and the weekly R2 to end the day at the 1.1300 level.
On the other hand, today’s fundamental news could depreciate European Single Currency against the US Dollar to push the rate to the weekly PP at the 1.1218
