During Wednesday’s trading session, the currency exchange rate passed through the supports of the most technical indicators to end the trading session at the 113.50 mark. During Thursday’s morning, the US Dollar resisted by the 200-hour simple moving average to trade at the 113.40 mark.
In regards to the near-term future, most likely, the US Dollar will keep depreciating towards the weekly S1 at the 113.16 mark due to a lack of technical indicators which could prevent the downward movement.
On the other side, today’s US Retail Sales data release at 13:30 GMT may turn the rate to surge upwards to the monthly pivot point at the 113.62 mark.
