The Euro edged higher during the morning hours on Tuesday. This appreciation was stopped by the weekly R1 at 1.1740 which increased considerably downside pressure on the pair. As a result, the rate plunged 0.40% during the following hours.
The pair has been moving through all three SMAs without any hindrance since last week. This session was not an exception, as the Euro breached the 55-, 100– and 200-hour SMAs early on Wednesday.
Technical indicators are bullish today which means that the rate should return above these SMAs and aim for the two-week resistance at 1.1750 once again.
In general, this session is full of important fundamentals, including the FOMC rate statement; thus, the possible trading range is quite wide—the 1.1600/1.1750 area.
