The pair tested the area above 1.10 yesterday, but finished the day at the level of 1.0930. Now when political factors have been left behind, the economy of the Eurozone will take the main role again. Theoretically, it can limit the downward correction of the euro.
The pair quickly reached the local resistance of 113.00 and gain even higher level at the end of the day. Now it is convenient to move on to the next resistance in the area of 113.40.
The pair stabilized after yesterday’s downward movement. On Thursday, the Bank of England holding the meeting, during which will publish its decision on the rate and a quarterly report on inflation. In addition, Mark Carney will give a press conference and answer questions on monetary policy.