“¢ The prevalent USD bearish pressure helped the pair to build on its intraday rebound from a short-term ascending trend-line support, coinciding with 61.8% Fibo. retracement level of the 0.7085-0.7229 up-move.
“¢ A subsequent positive momentum beyond a confluence region – comprising of important moving averages (100 & 200-hour SMAs), and 50% Fibo. level was seen as a key trigger for intraday bullish traders.
“¢ The up-move now seems to have paused near 23.6% Fibo. level, ahead of the 0.7200 handle, albeit positive technical indicators support prospects for an extension of the pair’s intraday bullish momentum.
Spot Rate: 0.7193
Daily Low: 0.7142
Trend: Intraday bullish
Resistance
R1: 0.7200 (round figure mark)
R2: 0.7229 (over one-week high set last Thursday)
R3: 0.7241 (R2 daily pivot-point)
Support
S1: 0.7174 (38.2% Fibo. level)
S2: 0.7142 (current day swing low)
S3: 0.7129 (S1 daily pivot-point)
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