• The pair built on overnight bullish move beyond a short-term descending trend-line hurdle but remained within a broader trading range held over the past two weeks.
• Unimpressive ECB monetary policy statement did little to provide any impetus, though the up-move was supported by softer US CPI figures for the month of August.
• Neutral Technical indicators on the 4-hourly chart have failed to support any firm directional bias, suggesting an extension of the range-bound trading action.
• Hence, it would be prudent to wait for a decisive break through the broader trading range before investors start positioning for the pair's next leg of directional move.
Spot Rate: 1.1645
Daily Low: 1.1609
Trend: Range-bound
Resistance
R1: 1.1660 (top end of the trading range)
R2: 1.1700 (round figure mark)
R3: 1.1741 (R3 daily pivot-point)
Support
S1: 1.1580 (S1 daily pivot-point)
S2: 1.1550 (horizontal zone)
S3: 1.1526 (Sept. 10 swing low)
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