“¢ The cross continues losing ground for the fifth consecutive session and has been falling alongside a downward sloping trend-channel formation on the 1-hourly chart.
“¢ Mixed Euro-zone PMIs did help the cross to defend the trend-channel support, albeit technical set-up clearly suggests an extension of the near-term downfall.
“¢ The cross remains below 50/100/200-hour SMA and technical indicators are also holding in negative territory, reinforcing the near-term bearish outlook.
Spot rate: 129.98
Daily High: 130.38
Daily Low: 129.74
Trend: Bearish
Resistance
R1: 130.45 (trend-channel hurdle)
R2: 130.80 (100-period SMA H1)
R3: 131.16 (R2 daily pivot-point)
Support
S1: 129.74 (current day swing low)
S2: 129.21 (50-day SMA)
S3: 128.90 (S3 daily pivot-point)
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