By the end of the previous trading day the currency pair had expectedly made a breakout from a short-term symmetrical triangle. The only difference from similar cases was that it did not choose a clear direction but, instead, continued to move horizontally.
However, today this flat movement is expected to end, as the rate is experiencing pressure from a combination of the 55-, 100- and 200-hours SMAs, which are located slightly below it. Once the pair will manage to break through the weekly PP at 1.1918, it will have a barrier-free area up until the weekly R1 at 1.2013. The eventual surge is expected to happen despite that 65% of open positions are short.
