“¢ Finally manages to rise above the very important 200-day SMA and tests 0.8840 supply zone, which has been acting as a key barrier since early May.
“¢ With short-term technical indicators holding in bullish territory, a convincing breakthrough seems imminent and is likely to pave the way for further near-term up-move.
“¢ A retracement back below the 0.8800 handle might now constitute towards the formation of a bearish triple-top chart pattern on daily charts and prompt some aggressive selling.
Spot Rate: 0.8834
Daily Low: 0.8807
Trend: Bullish above 0.8840
Resistance
R1: 0.8842 (early May swing high)
R2: 0.8862 (R2 daily pivot-point)
R3: 0.8900 (round figure mark)
Support
S1: 0.8819 (200-day SMA)
S2: 0.8797 (overnight swing low)
S3: 0.8763 (S3 daily pivot-point)
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