On Wednesday morning, the currency exchange rate was located between the monthly pivot point and the weekly R1 at the 1.1428. Besides, the 55-hour simple moving average supported the rate during morning hours.
In regards to the near-term future, most likely, the European Single Currency will break the resistance levels of the weekly R1 at 1.1454 and the 50.00% Fibo at the 1.1462 mark.
It is expected that the European Single Currency will appreciate against the US Dollar during today’s US FOMC Meeting Minutes and Federal Funds Rate release at 19:00 GMT to trade at the 1.1460 level.
