The first part of Wednesday’s trading session showed the same lack of direction as during the preceding session. The pair was restricted from the upside by the 55-hour SMA, while support was provided by the 100– and 200-hour SMAs and the weekly PP at 1.1680.
The market was supplied with bullish momentum in the evening, as the Euro was boosted by expectations of a possible trade deal between the US and the EU. This pushed the rate up to a strong July resistance at 1.1750. A downward-sloping trend-line and the 23.60% Fibonacci retracement are likewise located in this area.
Technical indicators flash mixed signals; however, it is more likely that the rate appreciates towards 1.18 in this session. Traders should watch closely data releases today.
