During the previous trading session, the currency exchange rate passed through the support level of the 200-hour simple moving average to end the trading day at 109.25. On Monday morning, the rate was located below the 200-hour SMA at the 109.33 mark.
In regards to the near-term future, most likely, the rate will trade sideways to stay near the weekly S1 at 109.14. Besides, the 200-hour simple moving average will retrace the currency exchange rate during the trading session.
However, the support level of the weekly S1 at 109.14 could push the rate to break the resistance of the 200-hour SMA to trade near the weekly PP at the 109.57 mark.
