The pair is on front foot in early Wednesday’s trading and eyeing 0.7600 barrier, after previous day’s weakness was contained by rising 55SMA at 0.7538.
This keeps strong support zone between 0.7532 and 0.7502, defined by 200 / 100 SMA’s, out of rech or now.
Rising daily cloud continues to underpin (cloud top lies at 0.7527 today), with bullish signal generated on break above daily Tenkan-sen (0.7560).
Recovery rally is testing pivot at 0.7584 (Fibo 38.2% of 0.7739/0.7489 downleg) break of which will open next trigger at 0.7514 (daily Kijun-sen).
Sustained break here is needed to signal higher low at 0.7489 and open way for further retracement of 0.7739/0.7489 correction.
Res: 0.7600; 0.7614; 0.7643; 0.7700
Sup: 0.7560; 0.7545; 0.7532; 0.7494
