“¢ The pair built on this week’s sharp rebound from an important confluence support, comprising of 50-day SMA and an ascending trend-line.
“¢ A follow-through up-move back above the key 1.30 psychological mark suggests an extension of the up-move towards another ascending trend-line resistance, forming a part of a rising wedge pattern on daily charts.
“¢ Short-term technical indicators hold in positive territory and remain supportive of the bullish expectations.
Spot Rate: 1.3024
Daily Low: 1.2969
Trend: Bullish
Resistance
R1: 1.3067 (2-1/2 month tops set on Tuesday)
R2: 1.3100 (round figure mark)
R3: 1.3125 (March 19 swing high)
Support
S1: 1.3000 (psychological round figure mark)
S2: 1.2969 (daily low)
S3: 1.2936 (S1 daily pivot-point)
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