Strong bounce off key 110.00 support zone following repeated downside rejections, extended above upper pivot at 111.14 (daily Tenkan-sen), generating initial signals of double-bottom formation.
Fresh recovery extension on Monday is probing again above another key barrier at 111.36 (weekly cloud top/Fibo 61.8% of 112.18/110.11 downleg) clear break of which is needed for firmer bullish signal.
Near-term studies turned into bullish mode and support further recovery, however, daily technicals remain bearishly aligned and keep the downside vulnerable. Increased downside risk could be expected on close below daily Tenkan-sen line.
Res: 111.56, 111.69, 112.00, 112.18
Sup: 111.14, 110.99, 110.83, 110.69
