The common European currency was fluctuating around the 55– and 100-hour SMAs during the previous session. However, the general price movement has not changed since Monday morning.
As apparent on the chart, the price is still tended slightly upwards, as it is moving along the bottom line of a four-month channel up for the third consecutive session. Technical indicators flash mixed signals for today, suggesting that the current steady movement might prevail within the following hours, as well.
It is likely that volatility is introduced in the second part of the day is due to three sets of significant fundamentals published by the US during this time. A strong support could be provided by the 55– and 100-hour SMAs circa 1.23, while gains should be capped near the weekly R1 at 1.2402.
