During Thursday’s trading session, the currency pair passed through the support of the weekly PP at 112.30 to end the trading day at 112.27. On Friday, the US Dollar was trading in a range between the monthly PP and the 50.00% Fibo at 112.23.
In regards to the near-term future, most likely, the US Dollar will trade sideways in the range due to the support of the 50.00% Fibo and the resistances of the weekly PP at 112.30 and the 55-hour simple moving average.
However, the rate could break the resistance levels if the US Dollar will appreciate against the Japanese Yen after the US Advance GDP q/q data release at 12:30 GMT on Friday.
