During Wednesday’s trading session, the currency exchange pair broke most of the technical indicators to appreciate by 103 pips or 0.91%. During Thursday morning hours, the rate was trading near the weekly pivot point at the 1.1371 mark.
In regards to the near-term future, the currency exchange rate might trade sideways due to a lack of any fundamental news which could affect the rate. Most likely, the rate will be trading between the weekly pivot point at 1.1380 and the monthly pivot point at the 1.1413 during the trading session on Thursday.
However, the European Single Currency could pass through the support of the 200-hour simple moving average to trade at the 1.1340 level during the day.
