During Wednesday’s morning hours, the currency exchange rate was supported by the 55-hour simple moving average at the 109.36 mark.
In regards to the near-term future, most likely, the rate will be retraced by the weekly S1 at 109.14 to trade at the 109.20 level for the rest of the trading session.
Moreover, the 55-hour simple moving average could resist the currency exchange rate to push the rate to pass through the support level of the weekly S1 at 109.14 to trade at the 109.00 level.
