The pair regains traction and returns above 106 handle in early European trading on Tuesday, after being under pressure in Asia, for extension of bear-leg of past three days from 107.01.
Overnight’s dip was contained just above Monday’s low at 105.65, after renewed attempt to break below 10SMA (105.84) failed.
Techs on lower timeframes are improving, however, daily studies remain weak and keep the downside vulnerable.
Fresh recovery attempts need clear break above 30SMA (106.27) to sideline downside risk and open way for retest of 107.01 (28 Mar recovery peak).
Conversely, close below 10SMA would generate bearish signal for further retracement of 104.63/107.01 recovery leg.
Res: 106.27, 106.45, 106.64, 107.01
Sup: 105.84, 105.54, 105.20, 105.00
