“¢ Last week’s goodish recovery move from near one-month low faces rejection at a descending trend-line hurdle, extending from May 18 top through highs set on June 12/13/14.
“¢ Only a convincing breakthrough the mentioned barrier, also coinciding with 200-period SMA on the 4-hourly chart, would pave the way for an extension of the near-term up-move.
“¢ Short-term technical indicators have gradually moved into bullish territory and hence, a slightly better-than-expected UK manufacturing PMI print might be enough to provide the required lift.
Spot Rate: 145.65
Daily High: 146.50
Trend: Bullish above mid-146.00s
Resistance
R1: 146.10 (100-period SMA H4)
R2: 146.50 (descending trend-line)
R3: 146.97 (R1 daily pivot-point)
Support
S1: 145.35 (200-period SMA H1)
S2: 144.99 (S1 daily pivot-point)
S3: 144.51 (last Thursday’s daily close)
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