The European Single Currency appreciated 0.33% against the US Dollar since Wednesday’s session. On Thursday morning, the rate was surging upwards to the 38.20% Fibo and the weekly R1 at 1.1722 to trade at the 1.1694 mark.
In regards to the near-term future, the rate will continue to surge upwards to the 38.20% Fibo and the weekly R1 at 1.1722 mark. However, the resistance of the previously mentioned technical indicators will force the rate to trade sideways near the 1.6990 level.
On the other hand, the rate could break the resistance of the 38.20% Fibo and the weekly R1 at the 1.1722 mark to trade at the 1.1740 level during the day.
