During Tuesday’s trading session, the 55-hour simple moving average supported the currency exchange rate to keep the rate to stay at 111.20. On Wednesday morning, the rate broke the resistance of the 100-hour SMA to trade at the 111.32 mark.
In regards to the near-term future, it is expected that the 55-hour and the 100-hour SMAs will support the rate to break the resistance of the weekly pivot point at 111.37. If the rate breaks the resistance level, then it will end the trading session at the 111.40 level.
However, today’s US Core Durable Goods Orders, Durable Goods Orders, US PPI data release at 12:30 GMT could push the rate fall to 111.00. Be aware!
