Near-term action holds in the upper part of thick daily cloud on Thursday and heads towards cloud top (111.58) after repeated rejection here and subsequent dip on Wednesday.
Bullishly aligned daily techs maintain bullish bias, but cloud top marks very strong obstacle and the pair continues to range within the cloud and looking for a catalyst to eventually break out.
Cloud top (111.58), recent upside rejections (111.75/82) and Fibo 61.8% of 113.17/109.77 descend (111.87) mark a cluster of barriers that need to be broken to signal continuation of bull-phase from 107.77 (21 Aug low).
Converged 10/55SMA’s mark initial support at 111.22 which contained Wednesday’s / today’s downside attempts, followed by converged 20/30 SMA’s (111.04) loss of which would turn near-term bias lower for fresh attack at daily cloud base (110.76).
Res: 111.58, 111.75, 111.87, 112.15
Sup: 111.22, 111.04, 110.76, 110.60
