- After testing daily highs in the vicinity of the key 200-hour SMA near 1.1630, spot is now fading the move on a pick up in the sentiment around the greenback. This area of resistance is reinforced by the 10-day SMA and the bottom of the former pennant pattern, which can be viewed as a short-term resistance line.
- Initial support has so far emerged at the 100-hour SMA in the 1.1585/80 band. A break below this level should open the door for a re-visit to Monday’s low at 1.1530.
- Looking at the broader picture, the pair should remain offered while below the 1.1745/50 band, allowing for a potential test of YTD lows in the 1.1500 neighbourhood, and possibly below.
Daily high: 1.1629
Daily low: 1.1583
Support Levels
S1: 1.1561
S2: 1.1523
S3: 1.1499
Resistance Levels
R1: 1.1623
R2: 1.1647
R3: 1.1685
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