The support of the 1.3670/1.3675 zone was enough for the currency exchange rate to break the channel down pattern. Moreover, by the middle of Friday’s trading, the rate had passed the resistance of the 55 and 100-hour simple moving averages. At mid-day, the rate found some resistance in the weekly S1 simple pivot point at 1.3787.
If the rate passes the resistance of the pivot point, it could reach for the resistance of the 200-hour simple moving average near 1.3830. If the SMA fails to keep the rate down, the weekly pivot point at 1.3895 could be reached.
On the other hand, a scenario where the weekly S1 holds, could result in a decline that would look for support first in the 55 and 100-hour simple moving averages and afterwards the weekly S2 at 1.3702.
Written by Admin
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