Pullback from last Friday’s recovery top at 114.73 was so far contained at 113.56 (Fibo 38.2% of 111.67/114.73 upleg), with yesterday’s action shaped in Doji candle and signaling indecision.
Plethora of strong supports that lies just below (converged 10/20/30 SMA’s at 113.30 zone) stays intact for now and firm break here is needed for stronger bearish signal.
However, daily cloud is twisting up on Wednesday and could attract for fresh upside attempts.
Current action could be seen as consolidation ahead of renewed bulls, with 113.56/30 zone required to hold and keep scenario in play.
Daily studies show mixed signals, as MA’s are bullishly aligned but other indicators are holding in neutrality zone.
Initial bullish signal could be expected on firm break above 114.00 handle, with lift above 114.30 needed to confirm and signal further upside for attack at upper triggers at 114.73 (Friday’s recovery rejection) and 114.94 (15 Feb spike high).
Res: 114.11, 114.30, 114.73, 114.94
Sup: 113.56, 113.30, 113.00, 112.84
