During Wednesday’s trading session, the European Single Currency jumped to the 1.1440 level breaking most of the technical indicators to end the trading session at R2 at the 1.1420 mark. On Thursday morning, the rate depreciated to the previously drawn small pattern at the 1.1395 mark.
In regards to the near-term future, most likely, the medium pattern line will support the rate to push it to break the resistance of the R2 at the 1.1420. It is expected that the rate will end the trading session at the 1.1450 level.
Besides, the 55-hour simple moving average will try to catch up the rate to support it during the trading session.
