Pressure of the 55-, 100- and 200-hour SMAs prevailed over the combined resistance formed by the 61.8% retracement level and the monthly PP. As a result, the exchange rate approached and tested the upper trend-line of a large ascending channel. Although the first attempt was not successful, the pair is expected to continue climbing to the top, using support provided by the above moving averages plus the weekly R1 located at the 1,281.00 level. There is a need to notice that on daily chart the pair faces no barriers on its way up until the weekly R2 at 1,291.92. This fact as well as the aggregate market sentiment, which is 63% bullish, suggests that the rate has a high probability to breakout from the channel up, instead of making a rebound near the 1,288.00 mark.
