The pair remains steady and returns above 112.00 handle after Tuesday’s rally showed hesitation at the base of thickening daily cloud (spanned between 112.30 and 112.85).
Bullish daily technicals are supportive for further advance, with bullish signals to be generated on close above cracked 112.14 barrier (Fibo 38.2% of 118.65/108.11 descend) and penetration into daily cloud.
Lift above the cloud would look for test of 100SMA at 113.28 and 50% retracement of 118.65/108.11 at 108.11).
Correction low at 111.93 and rising hourly cloud (spanned between 111.89 and 111.70), mark initial supports which are expected to ideally contain dips and reduce risk of deeper pullback.
Res: 112.30, 112.67, 112.85, 113.28
Sup: 111.90, 111.70, 111.47, 111.19
