“¢ The post-ECB recovery movement takes out a short-term ascending trend-resistance in the past hour and now paves the way for an extension of the recovery move towards an important confluence region.
“¢ A follow-through up-move beyond the mentioned hurdle, comprising of 50% Fibonacci retracement level resistance and 200-hour SMA, would negate any near-term bearish bias.
“¢ On the mentioned chart, short-term technical indicators are gradually moving into positive territory and reinforce prospects for an additional near-term appreciating move.
Spot Rate: 128.29
Daily Low: 127.48
Trend: Bullish
Resistance
R1: 128.47 (confluence resistance)
R2: 128.63 (R2 daily pivot-point)
R3: 128.99 (200-period SMA H4)
Support
S1: 128.00 (round figure mark)
S2: 127.56 (daily pivot-point)
S3: 127.48 (current day swing low)
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