During Monday’s trading session, the 55-hour simple moving average supported the currency exchange rate to trade above the weekly PP at 110.40. On Tuesday morning, the rate tested the 61.80% Fibonacci retracement level to be located at the 110.77 mark.
In regards to the near-term future, it is expected that the currency exchange rate will break the resistance of the 61.80% Fibo at 110.77 to trade at the 110.80 level during the day.
However, the resistance level of the 61.80% Fibo could resist the rate to push it towards the bottom boundary of the freshly drawn pattern line at the 110.60 mark.
