Attempts to extend last Friday’s strong rally (0.9%) in early Monday’s trading faced strong headwinds from barriers at 1.1411/18 (20SMA / daily cloud top) and stays capped for now. Bullish outside day pattern formed on Friday generated reversal signal as strong recovery closed above 1.1396 pivot (Fibo 38.2% of 1.1569/1.1289 descend), but bulls are lacking strength to clear pivots at 1.1411/18 and 1.1429 (Fibo 50%/daily Kijun-sen). Daily MA’a are in mixed mode while north-heading indicators underpin, but sustained break above cloud top and Fibo 50% barrier is needed to signal bullish continuation and expose barriers at 1.1449 (100SMA) and 1.1462 (Fibo 61.8%). Solid support at 1.1377 (converged 10/55SMA’s / daily cloud base) needs to hold and maintain bullish bias, while break here would generate negative signal and risk further easing.
Res: 1.1418; 1.1429; 1.1449; 1.1462
Sup: 1.1396; 1.1377; 1.1355; 1.1309
