“¢ The pair extended overnight rejection slide from an ascending trend-line resistance, forming a part of rising wedge chart pattern on daily chart.
“¢ Retracement slide from 2-1/2 month tops now seems to target another ascending trend-line support, also coinciding with 50-day SMA.
“¢ Weakness below the wedge support could get extended towards testing important moving averages (100 & 200-day SMA) confluence support, or sub-1.2800 level.
Spot Rate: 1.2894
Daily High: 1.2973
Trend: Bearish
Resistance
R1: 1.2944 (100-period SMA H1)
R2: 1.2985 (daily pivot-point)
R3: 1.3000 (psychological round figure mark)
Support
S1: 1.2846 (ascending trend-line support)
S2: 1.2794 (100-day SMA)
S3: 1.2729 (May 11 swing low)
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