During Wednesday’s morning hours, the currency exchange rate passed through the support level of the weekly S1 at 1.1394 to be located at the 1.1393 mark.
In regards to the near-term future, most likely, the rate will trade sideways at the 1.3800 level for the rest of the trading session. Meanwhile, the 55-hour simple moving average aims to catch up the rate to resist the rate in the next day or two.
However, the European Single Currency could appreciate against the US Dollar to break the resistance of the weekly S1 at 1.1394 to push the rate to the 1.1400 level.
