During Tuesday’s session, the currency pair was resisted by the 55-hour and the 100-hour SMAs to stop the trade at 1.4678. On Wednesday morning, the rate passed through the 50.00% Fibo and the bottom boundary of the medium ascending pattern to trade at 1.1433.
In regards to the near-term future, most likely, the rate will trade downside towards the monthly S2 at 1.1359 due to the resistance of the medium pattern line at 1.1445.
On the other side, the weekly S1 at 1.1425 might support the rate to push the rate to trade upwards to stay at the 1.1440 level during the trading session.
