Bulls are taking a breather on Tuesday after hitting new highest level in nearly two years (1.1781).
Extension of last week’s strong rally (2.1%) approached key Fibo barrier at 1.1822 (61.8% of 1.2555/1.0635), but overextended daily techs suggest consolidative/corrective action before attack.
Overall technical picture remains firmly bullish with converged 10/200WMA’s on track to form golden cross and additionally support the action.
Dips are expected to offer better buying opportunities and should be contained by supports at 1.1670/30 zone, provided by ascending hourly cloud and reinforced by rising 5DMA.
Only break and close below 1.1595 (broken 50% of 1.2555/1.0635) would sideline bulls for stronger corrective action and risk extension towards 1.1422 (former top/rising 20DMA).
Res: 1.1773, 1.1781, 1.1822, 1.1848
Sup: 1.1670, 1.1655, 1.1630, 1.1595
