During Tuesday’s trading session, the support levels of the 55-hour SMA together with the weekly pivot point at 111.42 pushed the currency exchange rate to break the resistance level of the 100-hour SMA. On Wednesday morning, the rate was supported by the 100-hour SMA to be located at the 111.57 mark.
In regards to the near-term future, most likely, the 100-hour SMA will continue to support the rate for the rest of the trading session. It is expected that the rate might end the day at the 111.80 level.
On the other hand, today’s US Federal Funds Rate, FOMC Statement release at 18:00 GMT might push the rate to pass through most of the technical indicators to the bottom boundary of the pattern line at 111.30 mark.
