The US PMI registered 53.5 percent, a decrease of 1.6 percentage points from December’s seasonally adjusted reading of 55.1 percent. Now, the focus has shifted to tomorrows ADP non-farm payroll. The pair has been still consolidating in the tight range as we discussed in our earlier reports. The prices are trading within a triangle on the H4 chart. In case if the prices manage to give an upside breakout, it can face a challenge towards 120.50. The prices are closed and trading below the hourly moving averages. The prices are likely to form a triangle pattern. The support base exists at 115.50 and 115.00. The weekly support exists at 115.00 which is 20Wsma. In case if the pair closes below 115.00, we can confirm the broadening top for the near and medium term. The rate hike bets favours to the US dollar. The policy makers have repeatedly announced their plan to raise interest rates during 2015.The pair closed and is trading below 50Dsma at 118.70. In case the pair closes above 118.85, it can challenge 119.90 and 120.50. In intraday, weakness will hit the pair if the prices break below 116.90.
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