During Tuesday’s trading session, the rate broke the freshly drawn pattern line at 1.1320 to fall to the 1.1280 level. On Wednesday morning, the currency exchange rate was trading sideways to stay at the 1.1302 mark.
It is expected that the European Single Currency will continue depreciating against the US Dollar to the 1.1260. Moreover, the resistance levels of the 55-hour simple moving average and the bottom boundary of the medium pattern will resist the rate during the day.
On the other hand, today’s US Crude Oil Inventories data release at 15:30 GMT could push the rate to trade in the pattern at the 1.1320 level.
