During Thursday’s trading session, the currency exchange pair depreciated to the 111.40 level passing the small pattern line at 111.60. On Friday morning, the rate fell, even more, passing the support level of the 200-hour SMA to the 111.01 mark.
It is expected that the rate will fall to the weekly S2 at 110.84 to trade sideways at the 110.80 level for the rest of the trading day.
On the other hand, today’s US Employment data set release at 13:30 GMT might push the rate to pass through the 61.80% Fibonacci retracement level to the 110.40 level.
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