The pair returned to 114.00 zone after spiking to fresh high at 114.31 on Friday, where rally stalled just ahead of 114.33 barrier (Fibo 61.8% of 118.66/107.31 fall), signaling further hesitation. The price holds tall for now but risk of pullback remains as slow stochastic is hovering around overbought zone border and could generate bearish signal on sustained reversal.
In addition, 14d momentum is in sideways mode and not tracking the price on daily chart which could be also seen as negative signal.
Extended dips towards higher base at 113.24 (reinforced by rising 10SMA) should not be very harmful for bulls, but close below here would be considered as bearish signal, with extension and close below 20SMA (112.89) to confirm reversal.
Otherwise, near-term focus is expected to remain at the upside for final push through pivotal barriers at 114.33 and 114.36/49 (07 May/09 July highs), to signal bullish continuation.
Res: 114.23, 114.33, 114.49, 115.00
Sup: 113.92, 113.43, 113.24, 112.89
