During Thursday’s trading session, the 55-hour simple moving average retraced the currency exchange rate to pass through the support of the monthly pivot point towards the 1.3050 level. On Friday morning, the rate was located at the 1.3100 mark.
In regards to the near term future, the rate will trade downwards to pass through the support of the weekly S1 at 1.3057. Most likely, the rate will stay at 1.3000 level.
Moreover, today’s US Employment data set release at 13:30 GMT could support the downtrend.
