During Wednesday’s trading session, the currency exchange pair surged to the 113.40 level to end the trading session at the 113.54 mark. On Thursday morning, the US Dollar was located near the weekly R1 at the 113.69 mark.
In regards to the near-term future, most likely, the US Dollar will surge towards the 114.00 level breaking the resistance of the weekly R1 at the 113.81 mark. It is expected that the surge will be followed during the US Federal Funds Rate release at 19:00 GMT on Thursday.
On the other hand, the weekly R1 at the 113.81 mark could resist the rate to push the US Dollar to depreciate to the 113.60 level during the trading session.
