The dollar eases from new nearly 11-month high at 114.06 on Monday, taking a breather after three weeks of strong rally, which resulted in break and close above pivotal barriers at 113.22/30 (weekly 200SMA/Fibo 61.8% of 118.66/104.63 fall). Bulls now look for test of next key barrier at 114.73 (06 Nov 2017 high), with current easing seen as positioning for fresh advance. Broken pivots (Fibo 61.8%/weekly 200SMA) should ideally contain dips to keep immediate bulls intact, however, strongly overbought daily slow stochastic warns of deeper pullback towards pivotal supports at 113.00 zone (rising 10SMA/sideways-moving daily Tenkan-sen). Only break here would sideline bulls and allow for deeper correction which could extend towards rising 20SMA (112.29).

Res: 113.64, 113.74, 114.00, 114.36
Sup: 113.68, 113.30, 113.18, 113.00

- advertisement -


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.