• The pair this week witnessed multiple bullish breakouts through a short-term descending trend-line and a two-week-old trading range.
• A subsequent move beyond 100-day SMA, for the first time since late-April, and positive technical indicators reinforced the bullish set-up.
• Despite the positive momentum, the pair remained capped below the August swing high level of 1.1734 in absence of any fresh catalyst.
• The release of the US monthly retail sales data will now be looked upon for some fresh impetus and some meaningful trading opportunities.
Spot Rate: 1.1692
Daily High: 1.1722
Daily Low: 1.1687
Trend: Bullish only above 1.1735
R1: 1.1735 (August monthly swing high)
R2: 1.1760 (R2 daily pivot-point)
R3: 1.1800 (round figure mark)
S1: 1.1655 (trading range resistance break-point)
S2: 1.1611 (100-period SMA H1)
S3: 1.1574 (S2 daily pivot-point)