During yesterday’s trading session the currency exchange rate made two attempts to break to the bottom towards the 50% retracement level located at 113.00.
However, as markets focused on tomorrow’s Fed meeting, the pair failed to bypass even the 55-hour SMA that was backing up the lower trend-line of another rising wedge formation. And only in the early morning it managed to sneak below the 113.47 mark. Accordingly, until release of information on the American PPI the pair is expected to continue moving in southern direction and trying to reach the bottom edge of a new junior descending channel that lies slightly above the major support zone located between the 113.11 and 113.00 marks.
