In accordance with expectations, previous trading session the currency rate mostly spent fluctuating between support and resistance zones located near the 1.1848 and 1.1876 levels. From the very first hours of the new trading day the pair inched higher to test the 61.8% Fibonacci retracement level at 1.1887. Due to formation of a junior ascending channel that is backed up by a combination of the 55- and 100-hour SMAs the exchange rate might actually break to the top. The fact that majority of pending orders are set to buy confirms this assumption. On the other hand, a number of technical indicators signal that the pair has already become overbought. There is a need to notice that apart of the CB Consumer Confidence release there are planned no macroeconomic data releases that could heat the further surge.
