On Wednesday, at 18:00 GMT, the US Federal Reserve revealed the central bank’s future monetary policy. The event caused volatility, which passed the support of the recent low level connecting trend line. However, the pair found support in the 200-hour simple moving average near 1.2380. The SMA provided enough support for a recovery to start.
On Thursday morning, the currency exchange rate had recovered above the 1.2400 mark. Moreover, the 50-hour simple moving average’s resistance was passed. Due to that reason it can be assumed that the pair would test the previous high levels.
Namely, the pair could first find resistance in the 1.2429/1.2434 zone. Afterwards, the weekly R1 simple pivot point at 1.2442 might provide resistance. Above these levels, note the Wednesday’s high level at 1.2457.
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