Given that the US Dollar failed to break a resistance level at 1.3484 during Friday’s trading session, it is likely that bears could push the currency pair lower within this session.
Although, if the support cluster formed by the 200-hour simple moving average and the weekly pivot point at 1.3399 holds, the exchange rate could gather enough momentum to break the resistance level as mentioned above.
However, if bears are able to push the currency exchange rate past the support level at 1.3399, a decline towards the weekly S2 at 1.3310 could be expected during the following trading session.
