- Spot remains on the defensive this week, dropping to the 1.1600 neighbourhood where met some decent support for the time being.
- The subsequent bullish attempt lost momentum just ahead of the critical 21-day SMA, which now acts as interim resistance ahead of the more relevant hurdle in the 1.1720 zone, where converge a Fibo retracement of the April-May descent, December 2017 low and the base of the daily cloud.
- The pair stays offered following Tuesday’s bearish ‘outside day’ and keeps pointing to a probable test of the 1.1500 region.
- The daily RSI reads 43, while a low ADX (today at 18) notes the absent or weak trend. On a 15M chart, the pair drops to the oversold area, while the ADX picks up pace.
Daily high: 1.1657
Daily low: 1.1621