The pair maintains bullish tone and probes again above 114.00 barrier, where upside attempts were repeatedly rejected in previous sessions, keeping the price congested within 114.10/113.60 consolidation.
The dollar remains well supported on expectations that the Fed would raise interest rates once more this year and data that show the US economy is strong.
Daily techs maintain strong bullish momentum, with rising MA’s in full bullish setup, underpinning the advance.
Bulls focus key barrier at 114.54 (2018 high) break of which would complete 114.54/111.37 corrective phase and signal continuation of larger uptrend from 104.63 (2018 low) towards targets at 114.73 (06 Nov 2017 high) and 115.35 (Fibo 76.4% of 118.66/104.63 fall) in extension.
Bulls need sustained break above 114.10/20 highs to open way towards 114.54, but could be distracted again as slow stochastic is attempting to reverse from overbought territory and long upper shadow on Monday’s candle.
Bulls are expected to remain intact if current consolidation extends, but holds above rising 10SMA (113.47), while break here would sideline bulls and signal deeper pullback.
Res: 114.20, 114.54, 114.73, 115.35
Sup: 113.80, 113.47, 113.38, 113.01
