During Friday’s trading session, the 200-hour simple moving average retraced the currency exchange pair to 1.2940. On Monday morning, the rate was located below the weekly PP at the 1.3056 mark.
From a technical perspective, most likely, the rate will break the resistance level of the weekly pivot point at 1.3074 to bounce off by the psychological level at the 1.3100 mark.
On the other hand, the resistance levels of the weekly pivot point at 1.3074 and the 55-hour simple moving average at 1.3081 might retrace the rate to the bottom boundary of the medium pattern line at the 1.3000 mark.
