Near-term price action remains directionless and holding in narrow range between 30 and 20 SMA’s (1.3357 / 1.3403 respectively).
Choppy trading between 1.3300 and 1.3465 extends into third week, with basing attempt at 1.3300 zone (weekly Tenkan-sen).
Rising daily cloud continues to underpin, along with bullishly aligned daily studies.
However, sustained break above pivotal 1.3400 resistance zone (Fibo 38.2% of 1.3549/1.3300 pullback / 20SMA) is required to generate stronger bullish signal for extension of recovery leg from 1.3300 higher base.
Conversely, violation of supports at 1.3357 (rising 30SMA) and 1.3341 (daily cloud top) would weaken near-term structure and risk retest of 1.3300 support, loss of which will be bearish.
Res: 1.3400, 1.3426, 1.3455, 1.3464
Sup: 1.3367, 1.3357, 1.3341, 1.3300
