“¢ The recovery in risk sentiment was seen weighing heavily on the USD and driving the pair higher for the second consecutive session on Tuesday.
“¢ The pair jumped back above the two key hourly moving averages (100 & 200-hour SMA) and finally managed to break through a short-term descending trend-line resistance.
“¢ Technical indicators on hourly/daily charts have started gaining positive momentum and hence, a sustained move beyond mid-1.1600s would now be seen as a key trigger for bullish traders.
Spot Rate: 1.1633
Daily Low: 1.1578
Trend: Bullish
Resistance
R1: 1.1659 (last Thursday’s swing high)
R2: 1.1701 (100-day SMA)
R3: 1.1722 (R3 daily pivot-point)
Support
S1: 1.1615 (200-period SMA H1)
S2: 1.1578 (current day swing low)
S3: 1.1541 (S1 daily pivot-point)
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