During Wednesday’s trading session, the currency exchange rate passed through the support of the weekly R2 to end the trading session at the 113.54 mark. On Thursday morning, the US Dollar depreciated to pass through the support of the weekly R1 to trade at the 113.27 mark.
In regards to the near-term future, in all likelihood, the US Dollar will trade between the weekly R1 at 113.36 and the weekly R2 at 113.74. Moreover, the 55-hour SMA should resist the currency pair to prevent the rate from surge above the weekly R2.
On the other side, the resistance of the weekly R1 at 113.36 could push the US Dollar to trade outside of the previously drawn pattern.
