After bouncing off the 61.8% Fibo retracement at 1.1887 late on Wednesday, the broadly-base weakness of the US Dollar allowed the Euro to close Thursday’s trading session with a 55-pip gain. The second part of the session, however, did not show much change in the pair’s direction, as it remained fluctuating in the 1.1940/60 area during this time. Even though some technical indicators are still flashing strongly bullish signals, the rate is unlikely to surge massively. The nearest resistance—the weekly R3 located at 1.1982—could be the ultimate daily high for today. Meanwhile, the rate should edge lower in line with the aforementioned wedge. This fall, however, is not expected to be significant, as its lower boundary is supported by the weekly R1 and the 55-hour SMA circa 1.1920.
