The cross ticked higher on Wednesday and posted fresh high at 127.85 (the highest since 01 Apr 2016) in extension of Tuesday’s strong rally (the biggest one-day rally this year) when the price was up 1.88%.
Break above 125.81 (14 May former high) generated bullish signal for extension of bull-leg from 114.84 (16 Apr trough) towards next barrier at 128.91 (Fibo 61.8% of 140.99/109.38 (June 2015/June 2016 descend).
Overbought daily RSI / slow stochastic suggest corrective easing which should be ideally contained by previous high rising daily Tenkan-sen at 125.80/68 zone.
Res: 127.85, 128.91, 129.56, 130.00
Sup: 127.06, 126.67, 125.81, 125.68
