From a technical perspective, spot prices hold a capped tone beneath the 200-period Simple Moving Average (SMA) on the 4-hour chart and under the 50.0% Fibonacci retracement of the downfall from the May swing high. That said, the Moving Average Convergence Divergence (MACD) histogram is marginally positive, and the Relative Strength Index (RSI) around 56 suggests mild bullish momentum.
That said, momentum indicators have not been sufficient to reclaim the overhead retracement and trend barrier, keeping upside attempts vulnerable for now. Meanwhile, initial resistance is located at the 50.0% retracement at 1.3476, followed closely by the 200-period SMA at 1.3498, with additional hurdles at the 61.8% level at 1.3517 and then 1.3576 and 1.3650.
On the downside, first support emerges at the 38.2% retracement at 1.3435, ahead of the 23.6% level at 1.3384, while a deeper slide would expose the recent swing low area around 1.3302.