During Tuesday’s trading session, the currency pair broke most of the technical indicators, such as SMAs and the 50.00% Fibo to stop the trade at 112.67 . On Wednesday morning, the US Dollar broke was trading between the 55-hour and the 100-hour SMAs at the 112.45 mark.
In regards to the near-term future, most likely, the US Dollar will trade sideways to stay at 112.40 level due to the resistance of the monthly PP at 112.60 mark and the support of the 200-hour SMA at 112.32 mark on Wednesday.
On the other hand, today’s US Crude Oil Inventories data release at 14:30 GMT might break the prediction for the currency pair. Watch out for the news!
