During Monday’s trading session, the currency exchange rate passed the support level of the 200-hour simple moving average to end the trading session at 111.20. On Tuesday morning, the rate was trading sideways at the 111.28 mark.
In regards to the near-term future, it is expected that the rate will break the pattern line at the 111.21 mark. In this case, most likely, the rate will end the trading session at the 111.00 level.
However, the pattern line at the 111.21 mark could support the rate to push it to the 111.40 level.
