The US Dollar was trading slightly above a support cluster formed by the weekly PP and the 200-hour SMA at 113.40 on Wednesday morning. Nevertheless, fundamentals put strong downward pressure on the pair mid-session that resulted in the Greenback plunging as low as 113.00. The rate has not since recovered, despite various attempts to edge above the 113.30 mark. Thus, the Greenback has remained below the weekly PP since the massive fall and may fail to overcome it once again. It is therefore likely that the rate persists within the bounds of this level and the weekly S1 at 112.64 in case no solid upside risks manage to prevail in this session.
