In line with expectations, in first half of previous trading session the pair slipped to the bottom and, after reaching at the 200-hour SMA that was located slightly above the lower trend-line of a junior ascending channel, resumed the surge. By this morning, the currency rate has crossed practically all notable resistance levels. The only area left untested is located at 1.1936. Nevertheless, it is unlikely to stop the pair from reaching the upper boundary of a senior descending channel near 1.1940 by the end of the day. But even in case bears take the lead, for instance, after release of better than expected information on the US ISM Manufacturing PMI, combined support level formed mainly by the 100-hour SMA but also by the 61.8% Fibonacci retracement level is expected to neutralize the plunge.
