• Rebounds sharply from a support marked by the lower end of a broader trading range, held over the past one-week or so.
• The up-move once again stalls near the 0.7050-60 supply zone, coinciding with a rectangular chart pattern resistance on 4-hourly charts.
• Bulls might be encouraged by the fact that the pair has managed to hold above 100 and 200-period SMA on 4-hourly charts, while technical indicators point to a possible bullish exhaustion.
• The latest FOMC monetary policy update might provide the required momentum and eventually help determine the next leg of directional move.
Spot Rate: 0.7038
Daily High: 0.7049
Daily Low: 0.6995
R1: 0.7068 (50-day SMA)
R2: 0.7088 (R3 daily pivot-point)
R3: 0.7122 (200-day SMA)
S1: 0.7017 (daily pivot-point)
S2: 0.6995 (over one-week low set today)
S3: 0.6973 (200-period SMA H4)
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