During Monday’s trading session, the currency exchange rate depreciated to the 1.1200 level as it was predicted! On Tuesday morning, the rate passed through the support level of the 61.80% Fibo to be located at the 1.1203 mark. Note, the chart was fully reviewed to make changes to the patterns!
In regards to the near-term future, most likely, the rate will pass the weekly S1 at the 1.1175 mark to end the trading session at the 1.1150 level.
However, today’s US Durable Good Orders release at 12:30 GMT could push the rate to break through the resistance levels of the 55-hour and the 100-hour simple moving averages to trade at the 1.1220 level.
