The pair has since edged slightly lower in order to ease from the aforementioned daily surge. It is likely that the current sentiment continues to prevail in the market during the following week.
A breakout of the 23.60% , the weekly R1 and the 55-hour near 7.8270 could be an early indication of this scenario. The following support of significance is formed by the 100– and 200-hour SMAs near 7.60. In general, the Greenback could target the bottom trend-line and the monthly R1 in the 7.66 territory next week.
On the other hand, in case the strong resistance of the weekly R2, the monthly PP and the trend-line is breached near 7.860, the rate should push towards 8.00.