“¢ After an initial dip to sub-1.3100 level, the pair regained positive traction and has now climbed back closer to overnight swing high, above mid-1.3100s.
“¢ The pair is currently testing an immediate resistance marked by 100-hour SMA hurdle, which had been acting as an important support over the past two weeks.
“¢ With technical indicators on the 1-hourly chart gradually picking up positive momentum, a convincing breakthrough should pave the way for additional gains.
“¢ Above the mentioned barrier, the pair seems all set to aim towards reclaiming the 1.3200 handle, albeit weakness back below the 1.3100 handle might negate the positive outlook.
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Spot Rate: 1.3156
Daily Low: 1.3095
Trend: Bullish above 100-hour SMA
Resistance
R1: 1.3171 (R1 daily pivot-point)
R2: 1.3200 (round figure mark)
R3: 1.3225 (horizontal zone)
Support
S1: 1.3095 (current day swing low)
S2: 1.3066 (S1 daily pivot-point)
S3: 1.3039 (100-period SMA H1)
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