The common European currency was positioned to suffer losses against the US Dollar on Wednesday morning. However, that did not occur, as due to the US Federal Reserve the EUR/USD currency exchange rate jumped at 18:00 GMT on Wednesday. As a result of the move the currency pair traded just below the 1.1750 mark on Thursday morning. The rate was squeezed in between the weekly R1 at 1.1753 from the upside and the support of the upper trend line of the now broken ascending channel pattern. Most likely the resistance of the weekly R1 will be broken. As a result of such move the currency exchange rate would jump up to the 1.1842 mark. At that level the next notable resistance would be located at, as the weekly R2 is at that level.
