The common European currency surged by 44 basis points against the Japanese Yen on Wednesday. The 50– hour simple moving average guided the currency pair up during yesterday’s trading session.
Technical indicators flash sell signals on the daily time-frame chart. Therefore, bearish traders would drive the price towards a support cluster formed by the 100– hour SMA and the weekly R1 at 120.46.
On the other hand, the currency exchange rate could continue to surge and potentially target the 121.50 marks during the following trading session.
