By the middle of the day’s European trading hours, the currency exchange rate had reached the resistance of the 200-hour simple moving average and the weekly simple pivot point at 1.1975.
In the meantime, analysts spotted a channel up pattern, which had guided the rate throughout this week. In the near term future, the rate would test the combined resistance of the two technical indicators and the upper trend line of the channel up pattern.
If the resistance levels hold, the currency exchange rate could decline down to the support of the 1.1915 mark and the lower trend line of the channel pattern. Note that the 55 and 100-hour simple moving averages could strengthen the support of this level.
On the other hand, in the case of the resistance failing, the pair could reach for the weekly R1 simple pivot point at the 1.2058 level.
