The dollar remains firm and probes again above 108 barrier (reinforced by converged 10/20/30DMA’s) which capped Monday’s upside attempts.
Bull-leg from 107.21 double-bottom extends into third consecutive day and broke above 50% retracement of 108.99/107.21, supported by rising bullish momentum and expectations for less-radical Fed’s rate cut this month.
Bulls focus target at 108.31 (Fibo 61.8%) break of which is needed to generate fresh bullish signal for further recovery, with close above 108 seen as minimum requirement to signal bullish continuation.
Caution of falling thick daily cloud (108.79/110.10) which maintains pressure and may cap extended upticks.
Res: 108.31, 108.57, 108.79, 108.99
Sup: 108.00, 107.79, 107.69, 107.53
