During Tuesday’s trading session, the European Single Currency appreciated against the US Dollar to break the resistance levels of the monthly S1 at 1.1301 and the bottom boundary of the dominant pattern line at 1.1240. On Wednesday morning, the rate was supported by the 200-hour SMA at the 1.1318 mark.
In regards to the near-term future, most likely, the currency exchange rate will surge towards the weekly pivot point at 1.1368. Note, the 200-hour simple moving average should support the surge during the day.
However, today’s US CPI and Core CPI data release at 13:30 GMT could turn the rate towards the dominant pattern line at the 1.1240 mark.
