- The defense of the key rising trendline and the bull flag breakout seen in the hourly chart has likely put the pair on the path toward 112.00 (psychological level).
- The upside break of the falling trendline on Thursday, as seen in the daily chart, also indicates the path of least resistance is on the higher side.
Hourly chart
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Spot Rate: 111.32
Daily High: 111.35
Daily Low: 110.99
Trend: Bullish
R1: 111.49 (Aug. 24 high)
R2: 111.88 (61.8% Fib R of 113.18/109.77)
R3: 112.15 (Aug. 1 high)
Support
S1: 111.07 (50-day MA)
S2: 110.79 (10-day MA)
S3: 110.59 (July 26 low)
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