On Friday morning the common European currency traded above the 1.14 mark against the US Dollar. The reason for that was the fact that instead of bouncing off the upper trend line of the short term pattern the currency exchange rate broke through the trend line. From a technical perspective it was done by the support of the 55 and 200-hour SMAs together with the weekly PP near the 1.1350 mark. However, the pair continued to surge until midnight. Due to that reason the fundamentals need to be examined. At 11:30 GMT on Thursday the ECB meeting accounts were published. It is most likely that in the minds of the market participants the rhetoric of the ECB officials has caused the strengthening of the Euro. Due to that reason once can expect the pair to reach for the 1.15 mark soon.
