Note, that the pair is supported by the 200-hour SMA, currently located at 108.33, thus, some upside potential could prevail in the market. A possible upside target is the weekly R1 at 108.61.
If the given resistance holds, it is expected, that the exchange rate could re-test the lower boundary of the short-term ascending channel. It is unlikely, that a breakout south could occur, as the rate is supported by the weekly PP at 108.22.
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.