The pair posted marginally higher high at 114.36 on Wednesday with early Thursday’s narrow consolidation being capped here. Bulls remain firmly in play and focus target at 114.62 (Fibo 61.8% of 118.65/108.11 descend).
Overbought daily RSI and slow stochastic so far did not impact bulls, however, further easing cannot be ruled out.
Yesterday’s correction low at 113.60 marks strong support and lower pivot, break of which would complete hourly double top and risk deeper pullback.
Plethora of strong supports consisting of 100SMA/rising 10SMA and daily cloud top, lies at 113.06/112.79 zone and should contain stronger dips.
Res: 114.36, 114.62, 114.87, 115.18
Sup: 114.05, 113.60, 113.48, 113.06
