The common European currency edged higher during the morning hours on Tuesday. This surge was stopped near the monthly pivot point at 130.40 which introduced downside pressure considerably on the rate. As a result, the currency pair tested the 50-hour simple moving average during the Asian session on Wednesday.
The 50-hour SMA has constrained the exchange rate without any hindrance since last week. This session was not an exception, as the Euro tested the moving average today.
If the support cluster formed by the 50-hour SMA and the 23.60% Fibo holds, the currency exchange rate could target the 130.40 marks within this session.
