“¢ The cross has been trending higher alongside an ascending trend-channel formation on the daily chart and has managed to hold above 0.8900 handle post-mixed German CPI print.
“¢ With short-term technical indicators holding comfortably in positive territory, a follow-through up-move, towards the trend-channel resistance, remains a distinct possibility.
“¢ A convincing break below 0.8865 horizontal zone would negate the bullish bias and open room for the resumption of the pair’s corrective slide from over four-month tops, set last week.
Spot rate: 0.8905
Daily Low: 0.8882
Trend: Bullish
Resistance
R1: 0.8925 (horizontal zone)
R2: 0.8958 (over 4-month high set on July 20)
R3: 0.8975 (ascending trend-channel hurdle)
Support
S1: 0.8882 (current day swing low)
S2: 0.8864 (S2 daily pivot-point)
S3: 0.8821 (200-day SMA)
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