Bears guided the US Dollar to a two-month low level on Tuesday. The currency pair managed to reverse from its two months low at the end of the trading session. However, the weekly S2 limited the momentum of the bulls.
It seems that bullish sentiment has not still gained the necessary strength to breach the 50-hour simple moving average, so it is more likely that the exchange rate remains under the influence of bears today.
Everything being equal, the currency exchange rate could reverse from its current position at 1.2932 and aim for the lower boundary of a dominant descending channel during the following trading session.
