The pair trades within narrow consolidation on Thursday, holding under new high at 109.46, posted after another strong rally on Wednesday and retested today.
Eventual close above daily cloud top was bullish signal, but overbought daily RSI and slow stochastic warn of corrective easing.
Overall structure remains firmly bullish and see pullback as positioning for fresh upside, as targets at 110.00 (psychological) and 110.25 (200SMA) are in focus.
Strong supports at 109 zone (cloud top / 100SMA) should contain dips and keep bulls intact.
Repeated close above daily cloud top is needed to reconfirm strong bullish signal for further advance.
Alternatively, loss of 109 handle would risk deeper pullback and expose pivotal support at 108.47 (Fibo 38.2% of 106.88/109.46 upleg).
Res: 109.46; 109.78; 110.00; 110.25
Sup: 109.24; 109.00; 108.85; 108.47
