A breakout occurred through the upper boundary of a descending channel pattern during yesterday’s trading session. The currency pair appreciated about 0.76% in value on Wednesday.
The exchange rate breached a resistance cluster formed by the 200-hour simple moving average and the 38.2% Fibonacci retracement level at 0.6905 during the first part of Thursday’s trading session.
Given that the currency exchange rate has breached the resistance cluster as mentioned earlier, bullish traders might target the 50.00% Fibonacci retracement level at 0.6927 during the following trading session.
