The support of the 50.00% Fibonacci retracement level at 108.35 held and caused another surge to the technical levels near 109.00. During the early hours of Wednesday’s trading, the pair had reached the resistance of the weekly simple pivot and the 100-hour simple moving average at 108.90.
If the rate manages to pass the weekly simple pivot point’s and 100-hour SMA’s resistance at 108.90, the rate would most likely find resistance in the 109.00 level and the 200-hour simple moving average.
On the other hand, a possible decline could look for support in the 55-hour SMA before dropping to the 50.00% Fibonacci retracement level at 108.35.
