“¢ The pair has been oscillating within a downward sloping trading range and has struggled to decisively move back above 50-day SMA barrier.
“¢ With short-term technical indicators gradually picking up positive momentum on the shorter time frame, expectations for a strong US Q2 GDP print was seen lending some support.
“¢ However, even the slightest of disappointment would be enough to prompt some aggressive fresh selling and turn the pair vulnerable to head back towards challenging the key 1.3000 psychological mark.
Spot rate: 1.3073
Daily Low: 1.3053
Trend: Neutral
Resistance
R1: 1.3100 (round figure mark)
R2: 1.3135 (R2 daily pivot-point)
R3: 1.3181 (200-period SMA H4)
Support
S1: 1.3053 (current day swing low)
S2: 1.3000 (psychological round figure mark)
S3: 1.2962 (S3 daily pivot-point)
Share
