- The pair rebounded at the 20-SMA in 4-hour chart at 1.1580 and rose back above 1.1600, signaling that the positive tone in the short-term remains in place.
- Upside to face resistance at 1.1630 (55-SMA in 4-hour chart); a break higher likely to add more positive momentum to the pair.
- Key resistance is seen around 1.1.700: psychological level and a downtrend line. If the euro rises above an extension to 1.1750 seems likely.
- A consolidation below 1.1580 would expose weekly lows and negate the upside bias.
Spot rate: 1.1618
High: 1.1627
Low: 1.1572
Resistance 1: 1.1630
Resistance 2: 1.1655
Resistance 3: 1.1690
Support 1: 1.1600
Support 2: 1.1580
Support 3: 1.1550
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