As it was expected, after a rapid short-term surge the pair stopped at the 113.21 level and then began to move to the bottom, breaking from a dominant ascending channel. At the moment, the rate is approaching a combined support formed by the 200-hour SMA and the weekly PP at 112.42, which is located slightly above the bottom trend-line of another ascending channel that still remains in force. This fact points out on an upcoming rebound.
However, the pair might continue to slip to the bottom if the US employment data will not justify experts’ forecast. An additional impulse is also expected to be provided by the subsequent Janet Yellen’s speech in St. Louis.
