Contrary to expectations, an impulse given by an exit from a rising wedge pattern was not strong enough to push the currency pair to a closest combined resistance level formed by the 200-hour SMA and the weekly PP at 113.09. Namely, the currency pair soared to the 100-hour SMA near 112.30 but then rapidly fell back to the weekly S1 at 111.70. The new attempt to recover the lost ground failed as well, as the pair encountered a combination of the 20- and 55-hour SMA near 111.97. An early Friday morning shows that the above weekly S1 still does not let the rate to fall further and pushes it to make another attempt to climb upstairs. But in case of a third failure, the freefall of the rate should be stopped by the monthly PP 111.38.
