During Wednesday’s session, the currency rate passed through the support of the weekly S1 at 1.1310 to bounce off the bottom boundary of the medium descending pattern line at 1.1350. On Thursday morning, the European Single Currency was trading between the 55-hour and the 100-hour SMAs at the 1.1359 mark.
In regards to the near-term future, most likely, the currency rate will trade sideways to stay at the 1.1320 level due to the resistance of the 100-hour SMA.
On the other side, the 55-hour SMA could support the rate during the US ISM Manufacturing PMI data release at 14:00 GMT. The fundamental could push the rate to break the resistance of the 100-hour SMA to trade at 1.1400 level.
