The pair rallies for the second day after daily cloud top offered significant support and contained repeated downside attempts.
From the technical point of view, this was strong boost for the pair, with additional supports for the US dollar from rising hopes of US rate hike and US tax reforms.
Fresh bullish acceleration on Wednesday met target at 112.80 (Fibo 76.4% of 114.49/107.31 descend) and may extend towards 113.57 (14 Aug trough) on sustained break above 112.80/113.00 pivots.
Daily Techs are in firm bullish setup and supportive for further advance, with broken 200SMA (112.07) acting as good support, which should keep the downside protected.
Res: 113.00, 113.57, 114.00, 114.49
Sup: 112.07, 111.75, 111.47, 111.06
