The common European currency surged by 55 points or 0.44% against the Japanese Yen on Tuesday. The currency pair tested the 100– hour simple moving average at 126.00 during yesterday's trading session.
Currently, the exchange rate is testing a resistance level formed by the 100– hour SMA. If the resistance line holds, a breakout through the lower boundary of an ascending channel pattern could occur.
However, if the currency exchange rate passes the 100– hour SMA, bullish traders would dominate Wednesday's trading session.
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