During the previous trading session, the European Single Currency was supported by the 200-hour SMA to surge towards the weekly R1 at the 1.1410 mark. On Wednesday morning, the rate was trading near the weekly R1 at the 1.1403 mark.
Most likely, the currency exchange rate will get resisted by the weekly R1 at 1.1403 to push the rate to trade sideways to stay at the 1.1380 level.
On the other side, the currency exchange rate could break the resistance of the weekly R1 to move towards the 50.00% Fibonacci retracement level at the 1.1462 mark.
