The pair took out barrier at 113.38 (50% retracement of 118.65/108.11) on extension of bullish acceleration that commenced on Monday and resulted in eventual close above daily cloud and 100 SMA (112.79/113.09).

Fresh bulls that emerged from two-day consolidation within daily cloud are looking for next target at 113.75 (Fibo 76.4% of 115.49/108.11) and may extend towards psychological barrier at 114.00.

Slow stochastic is strongly overbought on daily chart but continues to move north, suggesting corrective action in the near-term.

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Broken daily cloud top (currently at 112.79) and broken bear-trendline off 118.59 peak (at 112.74) offer strong supports which are expected to ideally contain corrective dips.

Res: 113.75, 114.00, 114.50, 114.87
Sup: 113.09, 112.79, 112.74, 112.32


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