During Tuesday’s trading session, the rate passed through the support level of the monthly PP at 1.1346 to trade near the weekly S1 at the 1.1321 mark for the rest of the trading session. On Wednesday morning, the European Single Currency was located between the monthly PP and the weekly S1 to trade at the 1.1324 mark.
In regards to the near-term future, most likely, the European Single Currency will be resisted by the monthly PP at 1.1346 to trade downside towards the weekly S2 at the 1.1260 mark.
However, the rate could appreciate during today’s US CPI data release at 13:30 GMT to push the rate to break the monthly PP at 1.1346 to trade at 1.1360 level.
