During Tuesday’s trading session, the currency exchange pair passed through the medium ascending pattern line to end the trading session at the 112.97 mark. On Wednesday morning, the US Dollar reached the resistance of the weekly R1 at 113.81 but was retraced to the 113.15 mark.
In regards to the near-term future, most likely, the US Dollar will be supported by the 100-hour SMA to break the resistance of the 55-hour SMA at 113.27 to surge upwards towards the 113.40 level during Wednesday’s trading session.
On the other side, the 55-hour SMA could resist the currency exchange pair to decline the rate to trade near the monthly pivot point at 112.96 mark.
