In general, the pair continued to move between the 200-day SMA and the 100% Fibonacci retracement level, as expected. Unfortunately, none of the yesterday’s events caused any significant volatility in the markets. It seems that movement of the pair was mainly constrained by the 55- and 100-hour SMAs that helped to form a minor ascending channel, which is lying perpendicularly to larger descending channel. In the first half of the day, the rate is expected to try to break through the upper trend line of the above pattern, which is backed up by the 200-hour SMA. If a rebound from the retracement level meant the beginning of a new medium-term uptrend, then the pair should eventually bypass this resistance. Otherwise, a rebound is going to follow, in accordance with the current downtrend.
