“¢ The recent price action reinforces the importance of an important confluence support, comprising of 55-day SMA and a short-term ascending trend-line extending through lows touched in April/May/June.
“¢ The 111.00 handle has kept upticks under check since mid-June and hence, the pair needs to decisively move above the mentioned hurdle to bolster the near-term bullish bias.
“¢ Technical indicators are holding in positive territory, but look fragile, and hence, a strong follow-through buying would be needed to reinforce the constructive outlook.
Spot Rate: 110.62
Daily Low: 110.50
Daily High: 110.79
Trend: Bullish until holds above the confluence support
Resistance
R1: 110.83 (R1 daily pivot-point)
R2: 111.00 (round figure mark)
R3: 111.40 (May monthly swing high)
Support
S1: 110.28 (weekly low set on Wednesday)
S2: 110.10 (S2 daily pivot-point)
S3: 109.89 (ascending trend-line & 55-day SMA confluence level)
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