“¢ The pair stalled last week’s retracement slide from over one-week tops and caught some fresh bids near a short-term ascending trend-line support at the start of a new trading week.
“¢ The mentioned support coincides with 61.8% Fibonacci retracement level of the 0.7085-0.7215 last week’s up-move, with traders shrugging off reports that US-China trade tensions may escalate.
“¢ The pair has now recovered to trade back above a confluence region – comprising of the 100/200-hour moving averages and 50% Fibo. level, supporting prospects for additional intraday gains.
“¢ However, the pair’s inability to hold/sustain any move beyond the 0.7200 handle clearly indicates that the near-term selling bias might still be far from over.
Spot Rate: 0.7158
Daily Low: 0.7142
Trend: Intraday bullish
Resistance
R1: 0.7174 (38.2% Fibo. level)
R2: 0.7200 (round figure mark)
R3: 0.7241 (R2 daily pivot-point)
Support
S1: 0.7142 (current day swing low)
S2: 0.7129 (S1 daily pivot-point)
S3: 0.7100 (round figure mark)
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