During Tuesday’s trading session, the currency exchange rate surged to 1.1360 level as it was predicted! On Wednesday morning, the rate was located between the 55-hour and the 100-hour simple moving averages at the 1.3437 mark.
It is expected that the 100-hour simple moving average will support the rate at the 1.1330 mark to push it to the 1.1355 mark.
In addition, today’s US Federal Funds Rate, FOMC Statement release at 18:00 GMT, might push the rate to break the resistance level of the monthly pivot point at 1.1364 to trade at the 1.1370 level.
