- The pair’s strong rebound met tough resistance in the 1.1600 neighbourhood late on Tuesday, always on the back of the persistent selling mood around the buck.
- However, the current up move in the pair is seen as corrective only and could reach the 1.1630 area in the near term.
- Spot has quickly left behind the key resistance at the 1.1500 zone, and it should likely return below it in order to resume the downtrend. In this case, the mid-1.1400s emerges as the initial area of contention, where converge the 10-day SMA and the 50% Fibo retracement of the 2017-2018 up move.
- Further south, the 200-week SMA in the mid-1.1300s comes in next ahead of 2018 low at 1.1299.
Daily high: 1.1583
Daily low: 1.1553
Support Levels
S1: 1.1500
S2: 1.1430
S3: 1.1379
Resistance Levels
R1: 1.1622
R2: 1.1672
R3: 1.1743
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