The pair holds positive tone and attacked again key barrier at 113.33 Fibo (61.8% of 114.54/111.37), following repeated failure here.
Fresh attempt higher posted new one-month high at 113.44 in early European trading on Tuesday (similar to the action in past two days), but lacks momentum for sustained break higher.
Recent action was supported by rising daily cloud, with long bullish weekly candle of the previous week, underpinning, but bulls continue to face strong headwinds at 113.33 barrier.
Multiple rejections could result in pullback, as momentum is weakening on daily chart and slow stochastic is overbought, but lack of firmer negative signals keeps scenario on hold for now.
Extended dips could be described as corrective and positioning for fresh upside while contained above daily cloud top (112.63).
Break and close within daily cloud would provide fresh bearish signal, which requires confirmation on sustained break below 20SMA (112.51).
On the other side, firm break above 113.33 pivot would signal bullish continuation and expose barriers at 113.80 (Fibo 76.4% of 114.54/111.37) and 114.10 (05 Oct high).
Results of US midterm elections are expected to provide fresh direction signals.
Res: 113.33, 113.44, 113.80, 114.10
Sup: 113.10, 112.86, 112.63, 112.51
