The European Single Currency appreciated 0.04% against the US Dollar since Tuesday’s session. On Wednesday morning, the currency pair was located between the 55-hour and the 100-hour SMAs at the 1.1494 mark.
In regards to the near-term future, most likely, the European Single Currency will trade sideways due to the resistance of the 200-hour SMA and the support of the monthly S1 at the 1.1482 mark. The rate should stay at the 1.1500 level during the day.
However, the 200-hour SMA could resist the currency exchange pair to pass through the monthly S1 to trade near the 50.00% Fibo on Wednesday.
