The pair probes below initial support at 113.37, provided by daily cloud top after Monday’s action posted marginally higher high at 113.68 (against Friday’s high at 113.58), but unable to sustain gains.
Strong rally on Thu/Fri generated bullish signal on close above daily cloud top, but corrective easing is signaled by reversal of RSI / slow stochastic from overbought zone on 4-hr chart.
Thick hourly cloud (spanned between 113.25 and 112.80) marks solid support which is expected to contain correction before broader bulls resume.
Hourly cloud base is reinforced by converged 30/55 SMA’s and should limit extended corrective dips.
Bulls eye initial target at 113.81 (Fibo 76.4% of 114.73/110.83 descend), ahead of recent peaks at 114.45/73 (the highest since March and marking the ceiling of broader 114.73/107.31 range).
Res: 113.68, 113.81, 114.45, 114.73
Sup: 113.25, 112.80, 112.52, 112.34