Broader bulls are consolidating under psychological 110.00 barrier which was approached on Tuesday’s rally to 109.88 (the highest since early Feb).
Barrier is reinforced by 200SMA (110.21) and firm break here would generate strong bullish signal for extension of larger uptrend from 104.63 (26 Mar low).
Weekly cloud twists this week (110.89) and could also attract bulls.
Meanwhile, the pair may hold in extended consolidation or correct deeper before eventual probe through 110 zone, as daily studies started to lose momentum and are overbought.
Consolidative action was so far narrow, with deeper dips expected to face strong supports at 109 zone (higher base, reinforced by rising 10SMA).
Res: 110.00, 110.21, 110.48, 110.89
Sup: 109.64, 109.23, 109.00, 108.65
