Previous trading session was marked by attempt to elevate the pair above the 1.1780 level amid concerns over President Trump’s tax reform. However, the surge was successfully neutralized by the 100-hour SMA that was additionally backed up by the weekly PP and the 200-hour SMA. As a result, the pair slipped back to the 55-hour SMA. Until release of data on the US Core Durable Goods Orders the pair is likely to fluctuate near the 1.1760 mark. Depending on result, the exchange rate might either jump and clash with the above combined resistance or fall and hit the bottom trend-line of junior ascending channel. Even if this pattern does not sustain, a deep plunge will be still unlikely as an area between 1.1725 and 1.1722 represents notable support level.
