“¢ Overnight move beyond a short-term descending trend-channel would now be seen as a fake-out and the retracement slide seems more likely to get extended.
“¢ Weakness below 100-period SMA on the 1-hourly chart would reinforce the negative outlook and accelerate the fall back towards the 0.8750-40 support area.
“¢ The trend-channel resistance, near the 0.8800 handle, might keep a lid on any meaningful up-move ahead of the forthcoming ECB meeting next week.
Spot Rate: 0.8774
Daily High: 0.8799
Trend: Turning bearish again
Resistance
R1: 0.8800 (round figure mark)
R2: 0.8838 (overnight swing high)
R3: 0.8874 (mid-March swing high)
Support
S1: 0.8753 (50-day SMA)
S2: 0.8738 (S2 daily pivot-point)
S3: 0.8724 (Monday’s weekly low)
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