The pair remains supported and cracks the first barrier in 111.00 resistance zone (Fibo 38.2% of 114.59/108.72 downleg) and eyes next pivot at 111.04 (04 Aug high).
Upbeat US data and hawkish comments from Fed official boost hopes for Fed rate hike in Sep, supporting dollar’s bullish sentiment in the near-term.
Sustained break above 111.00 pivot would open way towards a cluster of barriers above: converged 100/55SMA at 111.30, 30SMA at 111.40 and daily cloud base at 111.64.
Broken 20SMA now acts as initial support at 110.58, with psychological 110.00 support expected to contain extended dips.
Res: 111.04, 111.30, 111.40, 111.64
Sup: 110.58, 110.00, 109.80, 109.60
