During the previous trading session, the rate was supported by the 100-hour simple moving average to break the resistance of the 55-hour simple moving average. On Thursday morning, the rate was located at the weekly R1 at the 110.01 mark.
In regards to the near-term future, most likely, the simple moving averages together with the support of the weekly R1 will push the currency exchange rate towards the weekly R2 at the 110.50 mark.
On the other hand, the rate could break the resistance of the weekly R1 at 110.01 to trade sideways at the 110.20 level for the rest of the trading session.
