Today’s fresh bullish acceleration has eventually completed 1.2904/1.2755 correction and broke higher to post new multi-month high at 1.2914.
Positive sentiment and bullish daily studies are supportive, as double golden-cross (10/200 and 20/200SMA’s) underpins the action.
Near-term focus is turning towards psychological 1.3000 barrier initially and may extend towards weekly cloud base at 1.3113, as the action is supported by completion of inverted weekly H&S pattern.
However, risk of corrective easing on overbought daily RSI/slow stochastic remains in play, but without firmer bearish signals for now. Rising daily 10SMA, also former consolidation base at 1.2770 zone offers solid support which is expected to ideally contain dips.
Res: 1.2914, 1.2944, 1.3000, 1.3055
Sup: 1.2859, 1.2837, 1.2770, 1.2755
