In line with expectations, the currency exchange rate has successfully reached the 112.62 mark. But as this level was protected by the weekly PP, the pair was forced to retreat. Currently, it is fluctuating in a limbo between the 55- and 100-hour SMAs.
Unless the buck receives a proper impulse it has little chances to break to the top. However, even if such momentum will be created the surge is not expected to exceed the 113.10 mark, which represents location of the 200-hour SMA. From the opposite direction an equal role plays support area located around the monthly S1 at 112.04. Generally, there is a need to keep in mind that the aggregate market sentiment is bearish and the pair is fluctuating in a medium-term downtrend.
