During Tuesday’s trading session, the 55-hour simple moving average retraced the rate to the 1.1360 level. On Wednesday morning, the European Single Currency was located at the 1.1352 mark.
Most likely, the currency exchange rate will be trading downwards to the monthly S1 at 1.1330. Moreover, it is expected that the monthly S1 and the bottom boundary of the medium pattern line will retrace the rate to the 1.1340 level.
On the other hand, the European Single Currency could pass the support of the monthly S1 and the medium pattern line to trade near the weekly S1 at 1.1315.
