The pair is consolidating under fresh high at 113.47 (the highest since 16 May) posted on strong rally on Monday (the biggest one day rally since 15 June).
Corrective dip to 112.73 in early Europe was short-lived and the price returned above 113.00 handle, maintaining positive tone.
Overall strong bullish tone favors further upside, with firm break above solid barrier at 113.50 to trigger fresh acceleration towards 114.00 and key barrier at 114.36 (11 May high).
Caution on overbought slow stochastic which is forming bearish divergence on daily chart. Increased downside risk could be expected on firm break below 112.80 pivot (Fibo 38.2% of 111.72/113.47 upleg).
Res: 113.50, 113.95, 114.36, 114.65
Sup: 113.05, 112.80, 112.60, 112.39
