On Friday morning the common European currency was regaining the losses suffered against the US Dollar. However, the losses were suffered during a period of consolidation, which began in the aftermath of the pair’s jump on the publication of the FOMC Meeting minutes. During Friday’s trading session the currency pair was set to struggle with the resistance, which is put up by the 2015 high level at the 1.1709 mark. However, as the historical high level has been passed during previous trading sessions, it is unlikely going to hold. Instead, market participants should look at the weekly R1, which is located at the 1.1753 mark. Most likely the 55 and 100- hour SMAs, which were located below the pair during the early hours of the day’s trading, will push the pair higher.
