Downside risk towards strong support zone, formed by 200 / 100 SMA’s has been sidelined after strong post-Fed rally that tested again 0.7700 barrier and closed marginally above it. Long bullish daily candle that was formed yesterday, underpins fresh upside action, together with widening daily cloud that contained 0.7739/0.7489 pullback. Corrective easing on overbought conditions could be expected ahead of fresh attempts higher and re-test of 0.7739 (23 Feb high). Dips should be ideally contained at 0.7630 (Fibo 38.2% of 0.7489/0.7717 recovery rally), while renewed downside pressure could be expected on loss of 0.7600 handle (daily Tenkan-sen / 50% retracement).
Res: 0.7717, 0.7739, 0.7758, 0.7776
Sup: 0.7663, 0.7630, 0.7600, 0.7576
