During Thursday’s morning hours, the European Single Currency was trading between the 55-hour and the 100-hour simple moving averages at the 1.1423 mark.
In regards to the near-term future, most likely, the currency exchange rate will surge towards the 1.1480 level breaking the resistance of the 50.00% Fibo. The supports of the simple moving averages together with the monthly pivot point at 1.1413 should push the rate to surge during the trading session on Thursday.
On the other hand, today’s significant fundamental release of the US Federal Funds Rate at 19:00 GMT could ignore the predictions for the currency exchange pair to push the European Single Currency to trade near the weekly PP at 1.1382.
