The pair maintains bullish tone and fresh advance above 109 mark (200WMA/Fibo 61.8% of 109.36/108.40 pullback) in early Thursday’s trading signals that shallow correction from new 2021 high (109.36) might be over.
Near-term action remains biased higher as dips were contained above important support at 108.23 (broken Fibo 61.8% of 111.71/102.60, reinforced by rising 20DMA).
Bulls need eventual close above 200WMA (after repeated failures in past two weeks) to signal bullish continuation and extend an uptrend from 102.59 (Jan 6 low).
Break of initial barriers at 109.36/56 (Mar 15 high/Fibo 76.4% of 111.71/102.59) would open way for test of 109.85 (June 5 high) and psychological 110 level.
Daily studies reinforce bullish bias but caution on overbought weeklies and potential third straight failure to close above 200WMA.
Res: 109.36, 109.56, 109.85, 110.00
Sup: 109.00, 108.61, 108.40, 108.23
