The pair is trading within narrow 1.0680/1.0710 range in early Tuesday and holding above cracked daily Tenkan-sen (1.0680) for the fourth straight day.
Yesterday’s strong downside rejection signals that downside attempts are short-lived for now, with upper boundary at 1.0710, being currently under pressure.
Near-term studies are in mixed mode, while daily bulls remain in play and keep upside in focus.
However, sustained break above 1.0710 barrier and yesterday’s high at 1.0738 would signal renewed attack at 1.0773/93 resistances (24 Jan recovery high/falling 100SMA) , with further bullish acceleration seen towards key barrier at 1.0824 (daily cloud top).
Daily Tenkan-sen marks initial support at 1.0680, ahead of ascending 20SMA (currently at 1.0644) that contained yesterday’s dip and continues to underpin.
Firm break here would soften near-term structure and risk fresh downside
Res: 1.0738, 1.0773, 1.0793, 1.0824
Sup: 1.0680, 1.0657, 1.0619, 1.0607