Thursday’s trading session did not introduce significant changes to the pair’s price level, as any attempts to move either direction were restricted by the 100-hour SMA and the weekly S1. The former was breached to the upside early on Friday, thus clearing the way until the weekly PP and the 200-hour SMA at 109.50.
In case no fundamentals surprise the market, it is unlikely that this level is breached, as it is likewise reinforced by the 200-period SMA on the 4H chart. Thus, it is expected that the pair is tended south in this session. The nearest support is the 55– and 100-hour SMAs at 108.80. The given fall should not stop there but continue even lower until the 108.40 mark.
