The European Single Currency appreciated 0.23% against the US Dollar since Tuesday’s session. On Wednesday morning, the currency exchange rate was supported by the 55-hour simple moving average and the 100-hour simple moving average at the 1.6915 mark.
In regards to the near-term future, the rate will surge upwards to break the resistance of the 38.20% Fibo and the weekly R1 at the 1.1722 mark, but most likely, will be stopped to retrace back to trade near the 1.1700 level.
On the other hand, the rate might break the 38.20% Fibo and the resistance of the weekly R1 at the 1.1722 mark to trade near the 1.1740 level.
