“¢ Better-than-expected UK construction PMI fails to provide the required momentum to break past an important confluence resistance near the 146.35-40 region.
“¢ The mentioned hurdle comprises of a short-term descending trend-line, extending from May 18 top through highs set on June 12/13/14, and 200-period SMA on the 4-hourly chart.
“¢ The price action defies short-term technical indicators, which support an extension of the recent sharp recovery move from near one-month lows set last Thursday.
“¢ It, however, would be prudent to wait for a decisive break through the mentioned barrier before positioning for any further near-term up-move amid uncertainties surrounding Brexit talks.
Spot Rate: 145.94
Daily High: 146.39
Daily Low: 145.28
Trend: Neutral
Resistance
R1: 146.39 (descending trend-line hurdle)
R2: 147.11 (R1 daily pivot-point)
R3: 147.51 (50-day SMA)
Support
S1: 145.47 (50-period SMA H4)
S2: 145.12 (S1 daily pivot-point)
S3: 145.00 (psychological round figure mark)
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