In result of the previous trading session, the currency exchange rate made a rebound from a combined resistance set up by the 200-hour SMA and the upper edge of a junior descending channel. In addition to that, the pair managed to break through the 100% Fibonacci retracement level and the weekly S1 again. On the one hand, this plunge shows that movement of the rate is still guided by a downtrend formed approximately a month ago. On the other hand, a daily chart indicates that the pair is about to reach the lower support line of a dominant falling wedge pattern. There is a need to take into account that this boundary is additionally secured by the monthly S1 at 1.15658 plus the pair is moving within the long-term uptrend. Hence, the further surge is likely to follow.
