During Tuesday’s trading session, the rate passed through the SMAs to end the trading session at 1.1335. On Wednesday morning, the European Single Currency was trading between the weekly PP and the monthly PP at the 1.1336 mark.
In regards to the near-term future, most likely, the European Single Currency will be trading downwards due to the resistances of the SMAs and the monthly pivot point at the 1.1346. Moreover, It is expected that the rate will trade near the bottom boundary of the medium pattern at the 1.1300 level.
On the other hand, the high volatility could push the rate to break the resistance levels of the technical indicators to trade at the 1.1360 level during the day.
