- Spot remains within familiar ranges during the first half of the week, with gains clearly capped by the 1.1720/50 band for the time being.
- A breakout of this band is a necessary condition to attempt another visit to monthly peaks in the boundaries of 1.1800 the figure ahead of June’s tops in the mid-1.1800s.
- On the downside, key contention area remains in the 1.1675/70 band, where sit the 21-day SMA and the 200-hour SMA
- A break below this area should open the door for a visit to 1.1575 ahead of 1.1530 and then the 1.1500 neighbourhood.
- Near term, spot remains neutral/bearish while below last Monday’s tops at 1.1790.
Daily high: 1.1717
Daily low: 1.1654
Support Levels
S1: 1.1666
S2: 1.1641
S3: 1.1598
Resistance Levels
R1: 1.1735
R2: 1.1777
R3: 1.1803
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