The pair extends recovery on Monday and pressures pivotal 110 barrier, as rebound after last week’s hammer reversal nearly fully retraced 110.00/108.49 pullback.
Technical studies are bullishly aligned but may lack bullish momentum for final break above 110 pivot, with lower volumes expected on Lunar New Year in Asia.
Bullish scenario requires firm break above 110.00 (23 Jan high) and 110.22 (Fibo 61.8% of 113.70/104.59) for confirmation and extension towards 111.24 (200SMA).
Repeated rejection at 110 barrier would signal extended congestion, with weaker near-term structure on extension below 10SMA (109.40).
Res: 110.00, 110.22, 110.57, 110.92
Sup: 109.74, 109.40, 109.12, 108.72
