The pair is holding within narrowing consolidation which extends into third straight day, but so far without clear direction, due to mixed signals/techs. Monday’s strong downside rejection at 110.75 (left long-tailed Doji) was initial bullish signal, which was diminished by bearish close on Tuesday which also occurred below pivotal support at 111.24 (Fibo 38.2% of 108.11/113.17 ascend).
Mixed daily studies add to current neutral mode.
Initial bullish signal could be expected on break above 20SMA (111.42) which so far caps today’s action, with extension above 111.67 pivot (Fibo 38.2% of 113.17/110.75 pullback) needed to generate strong bullish signal and turn near-term focus higher.
On the other side, rising 30SMA offers initial support (111.02) guarding pivot at 110.75 (Monday’s spike low) loss of which would generate negative signal for bearish extension towards 55SMA (110.49) and strong 110 support zone (200SMA/daily cloud top).
Res: 111.42, 111.67, 112.05, 112.25
Sup: 111.02, 110.75, 110.35, 110.10
