During Friday’s trading session, the currency exchange rate depreciated to 1.1260 passing the support levels of the simple moving averages. On Monday morning, the rate was located at the 1.1320 mark.
In regards to the near-term future, most likely, the rate might depreciate towards the monthly S1 at the 1.1250 mark passing the bottom boundary of the pattern line at 1.1280 mark.
However, the bottom boundary of the pattern line at the 1.1280 mark might support the rate to push it to trade at the 1.1300 level for the rest of the day.