Even though the Euro has increased its trading range against the US Dollar during the previous session, the pair has failed to form a distinctive movement either direction. The rate reached a new 2015/2017 high early today; however, further advance was restricted by the weekly R1 at 1.2311. Despite a failure to breach the 55-hour SMA, it seems that bears are gradually starting to provide resistance to the prevailing bullish sentiment. It is even possible that this moving average surrenders in this session, thus allowing for a test of the 100-hour SMA. If such scenario is to occur, the rate is likely to remain stranded between these lines for the remaining session. Conversely, the 55-hour SMA could provide an unbreakable support, thus sending the rate for the 1.23 area; this psychological level is expected to hold firm.
