During Wednesday’s trading session, the rate traded sideways between the 55-hour and the 100-hour simple moving averages to end the trading session at 1.3150. On Thursday morning, the currency exchange rate was located above the 50.00% Fibo at the 1.3165 mark.
In regards to the near term future, most likely, the 100-hour simple moving average will resist the rate to break the medium pattern line at 1.3150 mark to depreciate towards the monthly pivot point at 1.3129.
On the other hand, the 55-hour simple moving average could support the rate to push the rate to stay at the 1.3150 level during the day.
