During Wednesday’s trading session, the European Single Currency broke most of the technical indicators to pierce the weekly PP at the 1.1368 mark . On Thursday, the rate was supported by the 100-hour SMA to trade at the 1.1380 level.
In regards to the near-term future, it is expected that the European Single Currency will continue to surge upwards to trade near the weekly R1 at 1.1438 mark. The 100-hour simple moving average will support the surge during the trading session.
On the other side, the European Single Currency could depreciate against the US Dollar during today’s EU Main Refinancing Rate release at 12:45 GMT to push the currency exchange rate to trade near the monthly pivot point at the 1.1346 mark.
