The pair is trading in consolidative mode on Thursday, mainly holding above top of thick daily cloud which was broken on Wednesday’s strong rally.
Close above daily cloud was bullish signal for continuation of recovery rally from 107.77 (21 Aug low).
Bullish daily techs maintain strong momentum and look for extension through barriers at 111.87 (Fibo 61.8% of 113.17/109.77 descend) and 112.15 (01 Aug high) to confirm bullish continuation.
Bulls might be delayed for consolidative / corrective action as slow stochastic is overbought.
Extended dips should be contained above 111.00 zone (55SMA / daily Kijun-sen) to keep bullish bias in play.
Res: 111.75, 111.87, 112.15, 112.37
Sup: 111.34, 111.05, 110.94, 110.64
