The economic calendar for next week looks relatively uneventful, which is likely to result in diminished trading activity. Under such conditions, the price action is likely to consolidate in a new Accumulation range, as postulated by the Wyckoff Cycle theory.
Such a range is likely to span between the major support level at 1.12700, underpinned by the recent Hammer candlestick, and the 23.6 per cent Fibonacci retracement level at 1.13532. The waning bullish momentum, as underscored by the declining histogram of the MACD indicator, corroborates these expectations.