“¢ Once again fails to clear an important resistance marked by an upward sloping line, extending from highs touched on June 7/14.
“¢ Weaker than expected German ZEW economic survey exerts some additional downward pressure and adds credence to the bearish break below a short-term ascending trend-line support on the 1-hourly chart.
“¢ With short-term technical indicators gradually losing positive momentum, follow-through weakness below 50-hour SMA support will reinforce the bearish breakdown and pave the way for an additional near-term downfall.
Spot Rate: 130.28
Daily High: 130.60
Daily Low: 130.19
Trend: Bearish
Resistance
R1: 130.60 (current day swing high)
R2: 131.00 (round figure mark)
R3: 131.17 (R3 daily pivot-point)
Support
S1: 130.00 (100-period SMA H1)
S2: 129.81 (S1 daily pivot-point)
S3: 129.10 (200-period SMA H1)
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