The pair regained strength on Tuesday and returned above 110.00 barrier, following rejection of strong Monday’s rally at 110.51 (capped by falling daily Kijun-sen) and subsequent fall.
Weakness from 110.51peak found support at 109.58 that prevented the pair of filling Monday’s gap and signaling an end of 108.11/110.51 correction.
Strong resistance zone between 110.48 and 110.63 (daily Kijun-sen / Fibo 61.8% of 112.18/108.11) is under pressure and break here would signal fresh upside for possible attack at strong 111.36 barrier (top of thick weekly Ichimoku cloud.
Failure to break higher would signal extended consolidation and keep downside risk in play.
Res: 110.48, 110.63, 111.00, 110.36
Sup: 110.00, 109.58, 109.31, 109.13
