During Tuesday’s trading session, the currency exchange pair passed through the support of the medium horizontal pattern line at 1.1301 to end the trading session at the 1.1285 mark. During Wednesday morning hours, the rate was trading between the weekly S1 and the medium horizontal pattern line at the 1.2978 mark.
In regards to the near-term future, most likely, the currency exchange rate will be resisted by the medium horizontal pattern line at 1.1301 mark to push the rate to trade below the weekly S1 near the 1.1240 level.
On the other side, today’s US Prelim GDP and Crude Oil Inventories data releases may push the rate to break the medium horizontal pattern line to trade at 1.1340
