The US Dollar has been bound in several long and short-term patterns which have guided the price lower since October 2017.
The currency pair is likely to continue falling within the following trading sessions in line with the medium-term pattern. The pair is currently trading near the border of the junior channel and could breach the upper boundary in the short term.
If and when this situation happens, the rate would encounter a resistance cluster set by the combination of the 200-hour simple moving average and the weekly R1 near 0.9428. Traders should look for opportunities to trade either direction if the aforementioned scenario occurs.
The currency pair is likely to continue falling within the following trading sessions in line with the medium-term pattern. The pair is currently trading near the border of the junior channel and could breach the upper boundary in the short term.
If and when this situation happens, the rate would encounter a resistance cluster set by the combination of the 200-hour simple moving average and the weekly R1 near 0.9428. Traders should look for opportunities to trade either direction if the aforementioned scenario occurs.