During Wednesday’s trading session, the currency pair passed through the weekly S1 at 111.87 to end the trading day at 111.82 . On Thursday morning, the US Dollar surged to break the resistance of the bottom boundary of the dominant ascending pattern to trade near the 50.00% Fibo at the 112.17 mark.
In regards to the near-term future, most likely, the US Dollar will trade downside towards the weekly S1 at 111.87 due to a break-out of the 55-hour and the 200-hour hour simple moving averages.
On the other hand, the 50.00% Fibo could support the rate during the break-out to push the rate to surge towards the 112.40 level.
