During Monday’s trading session, the currency exchange rate depreciated 28 pips or 0.25% to end the trading session at the 112.43 mark. On Tuesday morning, the US Dollar was piercing the bottom boundary of the dominant ascending pattern to trade at the 112.41 mark.
In regards to the near-term future, most likely, the US Dollar will depreciate towards the 50.00% Fibonacci retracement level at the 112.16 level during the day.
On the other side, the dominant pattern line at the 112.40 could retrace the rate to trade sideways at the 112.40 level.
