During Monday’s trading session, the currency exchange rate traded sideways to end the trading day at 110.20. On Tuesday morning, the rate was supported by the 55-hour simple moving average to trade at the 110.38 mark.
Most likely, the 100-hour simple moving average together with the resistance level of the weekly pivot point at 110.46 will retrace the rate to the 109.80 level.
On the other hand, the support level of the 55-hour simple moving average could push the rate to pass through the resistance levels to end the trading session near the 61.80% Fibonacci retracement level at the 110.77 mark.
