During the previous trading session, the European Single Currency recovered itself to end the trading session at the 1.1304 mark. During Wednesday’s morning hours, the currency exchange rate was located near the horizontal pattern line at 1.1290.
In regards to the near-term future, most likely, the currency exchange rate will move downside towards the weekly S2 at 1.1201 due to the resistances of the horizontal pattern line at 1.3000 and the 100-hour SMA at the 1.1317 mark.
On the other side, the supports of the 55-hour SMA at 1.1269 and the weekly S1 at 1.1269 could push the currency pair to trade in the horizontal pattern at the 1.1350 level.
