The pair extends rally from 110.30 higher base into the second straight day and hit new high at 111.20 (the highest since 22 May) on Tuesday, on probe above key near-term barrier at 111.13 (03 July high / 20-d upper Bollinger band). Fresh strength now eyes key short-term resistance at 111.39 (21 May peak, the highest level of broader recovery rally from 104.63 (2018 low, posted on 26 Mar). Break above 111.39 pivot is needed to confirm an end of 111.39/108.11 corrective phase and signal extension of an uptrend from 104.63 towards next targets at 112.00 (round-figure) and 112.35 (Fibo 76.4% of 114.73/104.63 descend). Firm bullish setup of daily techs supports scenario, which requires confirmation on eventual weekly close above 110.87 (Fibo 61.8% of 114.73/104.63) after several unsuccessful attempts. Meanwhile, bulls may show hesitation as 4-hr studies are strongly overbought, with extended dips to be contained by the top of thick 4-hr cloud (110.65) to keep bullish bias intact.
Res: 111.20; 111.39; 112.00; 112.35
Sup: 110.87; 110.65; 110.43; 110.30
