Bulls are taking a breather after this week’s steep ascend cracked key barriers at 5.9378 (former high of 14 Oct) and 5.9408 (Fibo 61.8% of 6.2445/5.4494).
Daily RSI and stochastic are turning south in overbought territory and signaling price adjustment after the pair hit new four-month high at 5.9437 on Thursday.
Profit-taking after strong advance in past few days (1.9% for the week in the biggest weekly gains since early Oct) would add to correction signals.
Thursday’s spike low (5.9051) marks initial support, followed by 5.8933 (Fibo 23.6% of 5.7300/5.9437), with extended dips expected to stall above pivotal Fibo support at 5.8621 (Fibo 38.2%) to keep bulls in play.
Res: 5.9378, 5.9408, 5.9437, 5.9817
Sup: 5.9090, 5.9051, 5.8933, 5.8820
