The European Single Currency appreciated 0.17% against the US Dollar since Tuesday’s session. On Wednesday, the rate was located between the 55-hour and the 100-hour simple moving averages at the 1.1587 mark.
In regards to the near future, the resistance of the 100-hour simple moving average will push the rate to go downwards passing through the 55-hour simple moving average to trade near the weekly S1 at the 1.1511 level during the day.
On the other hand, the rate might break the 100-hour SMA and use the 100-hour SMA as support to surge upwards to the monthly PP at the 1.1649 level.
