• The pair finally broke out of its Asian session consolidation phase near 50% Fibonacci retracement level of the 1.1526-1.1721 last week’s goodish up-move.
• Bulls regained control near 200-hour SMA support and lifted the pair further beyond mid-1.1600s, opening the room additional intraday gains.
• Positive technical indicators add credence to the constructive outlook and a follow-through move beyond the 23.6% Fibo. level will reaffirm the bullish bias.
• However, any subsequent up-move beyond the 1.1700 handle might continue to confront stiff chart resistance near the 1.1720-30 horizontal zone.
Spot Rate: 1.1663
Daily Low: 1.1618
Trend: Intraday bullish
R1: 1.1676 (23.6% Fibo. level)
R2: 1.1700 (round figure mark)
R3: 1.1725 (horizontal zone)
S1: 1.1618 (200-period SMA H1)
S2: 1.1600 (61.8% Fibo. level)
S3: 1.1554 (S2 daily pivot-point)