“¢ A weaker opening around the US equity markets prompted some safe-haven buying and exerted some downward pressure during the early North-American session.
“¢ Technically, the price has been trending higher alongside a short-term ascending trend-channel formation on the 1-hourly chart over the past two weeks or so.
“¢ The channel support coincides with 100-hour SMA and would act as a key trigger for the bearish traders amid broad-based USD weakness.
“¢ Meanwhile, indicators on the mentioned chart have started losing positive momentum, albeit are holding comfortably in the bullish territory on the daily chart.
“¢ Hence, any meaningful dip towards the lower trend-line support, coinciding with 100-hour SMA, would be bought into and thus, limit any immediate fall.
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Spot Rate: 112.61
Daily High: 112.71
Daily Low: 112.40
Trend: Bullish
Resistance
R1: 112.71 (current day swing high)
R2: 113.00 (round figure mark)
R3: 113.30 (R3 daily pivot-point)
Support
S1: 112.40 (current day swing low)
S2: 112.10 (200-period SMA H1)
S3: 111.91 (S3 daily pivot-point)
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