Even though there were attempts to push the pair back to the 55- and 100-hour SMAs, anticipation of the upcoming US GDP data release inched the buck higher. Without this fundamental background the pair would unlikely to bypass the 38.2% Fibonacci retracement level at 111.65 and the monthly S1 at 112.05. However, the further surge seems unlikely, as yesterday’s sharp advance led to transformation of new junior ascending channel into the rising wedge formation. In support of this assumption, there is an alleged resistance area between the 112.30 and 112.35 marks that matches with the breaking point of the pattern. In case this assumption is incorrect, a combination of the weekly R1 and the 50% Fibonacci retracement level near 112.45 should temporarily halt the buck from soaring higher
