As it was forecasted yesterday, the resumption of surge towards the 1.1910 level was halted in resistance zone that contained both the weekly PP with the 55-hour SMA as well as the 61.8% Fibonacci retracement level and the 100-hour SMA.

Nevertheless, the general scenario remains the same. In medium perspective the pair is projected to reach the upper boundary of a senior descending channel near the 1.1940 mark.

However, during this trading session the above technical indicators are likely to push the rate back to combined support formed by the 200-hour SMA and the bottom edge of a junior ascending channel.

But this scenario might be altered due to release of estimate on Euro Zone’s inflation. Even though the event itself does not arouse much volatility but it might create a momentum for easier breakthrough to the top.