During Wednesday morning hours, the European Single Currency broke the resistance of the 50.00% Fibonacci retracement level at the 1.1465 mark to trade towards the weekly R1 at the 1.1493 mark.
Most likely, the currency exchange rate will continue the uptrend towards the 1.1500 level. The 55-hour simple moving average and the bottom boundary of the ascending pattern line at the 1.1460 mark should support the rate during the day.
On the other hand, today’s US FOMC Meeting Minutes at 19:00 GMT could push the European Single Currency to depreciate against the US Dollar to the 1.1420 level.
