In line with expectations, the currency pair bounced off from a lower support line near the 111.596 mark and left a falling wedge in an upward direction, bypassing on the way the 20-, 55- and 100-hour SMAs. Such outcome should establish a new uptrend, which will guide movement of the pair at least in next two days. However, for this theory to be true, the currency exchange rate has to bypass two combined resistance levels. The first is formed by the 200-hour SMA and the weekly PP at 113.098, while the second is set up by the weekly and monthly R1 at 113.940. Most probably, one of them will manage to turn around the currency rate, provided that this will not happen even earlier.
