Note, that the exchange rate is supported by the 55-, 100– and 200-hour SMAs, currently located in the 105.97/106.24 range. Thus, some upside potential could prevail in the market, and the rate could reach the Fibo 23.60% at 107.02
However, if the given support and resistance hold, it is likely, that the pair could maintain its consolidation in the short term. Also, it is unlikely, that the rate could drop lower than the 105.87 mark due to the support of the monthly S3.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.