“¢ Retracement from the 0.8900 neighborhood, 3-1/2 month tops set on Friday, manages to find support near an important resistance break-point near the 0.8830 area.
“¢ The cross has managed to hold above the very important 200-day SMA and the fact that bulls are showing resilience near a previous resistance now turned support clearly suggests prevailing dip-buying interest.
“¢ With short-term technical indicators sticking to positive bias, the cross seems more likely to regain positive traction and continue with its near-term bullish momentum.
Spot Rate: 0.8843
Daily High: 0.8856
Daily Low: 0.8832
Trend: Bullish
Resistance
R1: 0.8859 (current day swing high)
R2: 0.8891 (3-1/2 month top set on Friday)
R3: 0.8917 (R2 daily pivot-point)
Support
S1: 0.8820 (200-day SMA)
S2: 0.8802 (S2 daily pivot-point)
S3: 0.8781 (last week’s wing low)
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