During Wednesday’s trading session, the 55-hour simple moving average retraced the rate to 1.2800. On Thursday morning, the currency exchange rate broke the resistance of the 55-hour simple moving average to stay at the 1.1308 mark.
In regards to the near-term future, it is expected that the rate will trade sideways between the 55-hour and the 200-hour simple moving averages at the 1.3220 level.
However, the European Single Currency could depreciate against the US Dollar during today’s EU Main Refinancing Rate at 12:45 GMT to push the rate to break the pattern line at the 1.1280 mark.
