Strong bullish acceleration on Wednesday (the biggest one-day gain since 11 July) hit new eleven-month high at 114.54, as dollar enjoyed strong support from upbeat US data and hawkish tone of comments from Fed chief Powell.
Bulls are taking a breather in early Thursday’s trading with easing from new high seen as positioning for fresh upside.
Strong bullish bias was confirmed by monthly close above pivotal barriers at 113.18/30 (weekly 200SMA/Fibo 61.8% of 118.66/104.63 descend).
Bulls eye immediate target at 114.73 (06 Nov 2017 high) and could extend towards important Fibo barrier at 115.35 (76.4% of 118.66/104.63).
Pullback approaches round-figure support at 114.00 (reinforced by rising 5SMA), with deeper dips to be contained by rising 10SMA (113.43) to keep pivotal supports (broken Fibo 61.8%/weekly 200SMA) intact.
Res: 114.54, 114.73, 115.00, 115.35
Sup: 114.00, 113.43, 113.30, 113.18
