Yesterday’s trading session ended exactly as expected. Initially, the Euro was climbing against the Dollar. However, once the currency rate has reached combined resistance formed by the weekly and monthly PP at 1.1806 as well as the upper boundary of a junior descending channel, it was forced to retreat back to the 55-hour SMA. As all eyes are turned to the upcoming Fed meeting, the pair is not expected to make significant moves today as well. In other words, it is likely to continue fluctuating between the above barrier from the top and the 38.2% Fibonacci retracement level located at 1.1760 from the bottom. A release of the American PPI data might push the rate a little bit lower. But even in that case it is expected to stay above the 1.1730 support zone.
