During Wednesday’s session, the currency pair passed the support of the weekly S1 at 1.1425 to end the trading day at 1.1398. On Thursday morning, the European Single Currency was trading near the weekly S1 at the 1.1469 mark.
In regards to the near-term future, most likely, the currency pair will bounce off the resistance of the weekly S1 at 1.1425 mark to trade downwards to stay at the 1.1380 level during the day.
On the other hand, the rate could break the resistance of the weekly S1 at 1.1425 due to today’s EU fundamental data sets which could affect the currency exchange rate to trade towards the medium ascending pattern at 1.1455.
