“¢ The pair recovered gradually after retesting Friday’s 30-month lows, albeit lacked any strong follow-through and remained capped below a short-term ascending trend-line resistance.
“¢ Currently hovering around 23.6% Fibonacci retracement level of the 0.7211-0.7099 recent downfall, near-term oversold conditions seemed to be the only factor supportive of the up-move.
“¢ Having said that, a decisive break through the mentioned barrier is likely to trigger a short-covering bounce and pave the way for additional intraday recovery for the major.
Spot Rate: 0.7127
Daily Low: 0.7099
Trend: Intraday bullish
Resistance
R1: 0.7149 (50-period SMA H1)
R2: 0.7174 (R1 daily pivot-point)
R3: 0.7200 (round figure mark)
Support
S1: 0.7099 (30-month low tested earlier today)
S2: 0.7068 (S1 daily pivot-point)
S3: 0.7045 (horizontal zone)
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