The pair consolidates within tight range under new multi-week high at 112.07 (posted last Friday), as President Trump’s criticism of the US central bank over too high dollar capped advance, but so far without stronger negative impact for the pair.
Psychological 112.00, Fibo 112.20 barrier (Fibo 76.4% of 114.54/104.59 fall) and 200WMA (112.31) provide strong headwinds and bulls may struggle to break higher and spark fresh acceleration higher on triggering a number of stops parked above.
Daily techs are bullish, but weaker momentum signals extended consolidation.
Broken 200SMA (113.33) reinforced by formation of 5/200SMA Golden Cross, is expected to contain extended dips and keep bulls intact.
Res: 112.07, 112.20, 112.31, 112.60
Sup: 111.75, 111.41, 111.33, 111.05
