Contrary to expectations, the currency exchange rate left a rising wedge formation in the northern direction straight through the weekly R1 at 1.3200. The reason behind such outcome is attributed to 54-pip surge in the middle of the day that matched with release of information of the US Pending Home Sales. It is difficult to project where the currency rate is going to move today because of announcement of the UK Manufacturing PMI at 8:30 GMT and then the US ISM Manufacturing PMI at 14:00. If the British and American data will justify forecasts, the currency rate might jump to the weekly R2 at 1.3264. In the opposite scenario, the fall should be delayed by the 20-hour SMA and, then fully stopped by the approaching 55- and 100-hour SMAs.
