Yesterday, the European Single Currency jumped to the 1.1260 level, breaking the resistance level of the weekly R1. On Wednesday morning, the rate was trading between the monthly PP and the weekly R1 at the 1.1270 level.
Most likely, the currency exchange rate will break the resistance level of the monthly pivot point at the 1.1281 mark to surge towards the weekly R2 at the 1.1289 mark. Besides, the simple moving averages will try to catch on the rate during the trading session.
However, the rate could be bounced off the resistance level to decline to the 1.1260 level.
