During Thursday’s trading session, the currency exchange rate passed through the support levels of the monthly and the weekly S1 to end the trading session at 1.1220. On Friday morning, the rate was located at the 1.1228 mark.
In regards to the near-term future, most likely, the resistance level of the weekly S1 at the 1.1234 mark will retrace the rate to push it to depreciate towards the 61.80% Fibonacci retracement level at the 1.1203 mark.
Moreover, the 55-hour simple moving average will catch up the rate to give additional resistance to the currency exchange rate at the 1.1235 mark.
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