During Friday’s trading session, the currency exchange rate broke through the resistance levels of the simple moving averages to end the trading day at 109.40. On Monday morning, the rate broke the 50.00% Fibonacci retracement level to trade at the 109.88 mark.
In regards to the near-term future, most likely, the rate will break the descending dominant pattern line at the 110.35 mark to surge towards the 111.00 level.
On the other hand, the descending dominant pattern line could retrace the rate at the 110.35 mark to push the US Dollar to trade near the weekly R1 at 110.01.
