“¢ The pair extended its consolidative price action through the mid-European session on Monday and is currently placed at the top end of its narrow trading range.
“¢ Bulls have managed to defend 100-hour SMA and technical indicators on hourly charts maintained their positive bias, supporting prospects for further intraday up-move.
“¢ A convincing break through the 1.3200 handle would further reinforce the constructive outlook and pave the way for an extension of the pair’s near-term positive momentum.
“¢ However, a sustained weakness below mid-1.3100s would negate any positive bias and prompt some aggressive long-unwinding trade, dragging the pair back towards 50-day SMA support.
Spot Rate: 1.3191
Daily Low: 1.3159
Trend: Bullish
Resistance
R1: 1.3227 (2-1/2 month high set last Thursday)
R2: 1.3270 (horizontal zone)
R3: 1.3300 (round figure mark)
Support
S1: 1.3159 (current day swing low)
S2: 1.3114 (S1 daily pivot-point)
S3: 1.3090 (50-day SMA)
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