- Spot continues to retreat from Monday’s tops in the 1.1790/95 band and currently tests weekly lows in the 1.1630 region. The bearish mood is reinforced by prices trading below the Ichimoku cloud.
- The rejection from the 200-hour SMA in the 1.1700 neighbourhood (Thursday top) also acts as a catalyst for further downside.
- The loss of the 21-day SMA in the key area around 1.1650 (coincident with a retracement of the 1.1508-1.1791 move) has now opened the door for a deeper retracement that should put the 1.1500 area back on the radar.
- The daily RSI (14) is pointing south around 44.0, leaving plenty of room for further decline.
Daily high: 1.1675
Daily low: 1.1627
Support Levels
S1: 1.1648
S2: 1.1625
S3: 1.1601
Resistance Levels
R1: 1.1695
R2: 1.1719
R3: 1.1742
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