The pair is regaining traction and probes again above 113 barrier on Thursday, pressuring previous day’s new multi-month high at 113.13 and sidelining downside risk signaled by Wednesday’s Doji with long upper shadow.
Near-term bias remains bullish despite persisting overbought conditions and looks for test of a cluster of strong barriers at 113.38 (2018 high) and 113.63/74 (Dec 2017 highs).
Rising 5SMA which marks our initial support (currently at 112.67) contained today’s downside attempts and continues to track the advance.
Only firm break below 5SMA and today’s close in red would sideline bulls and generate initial signal of reversal.
Res: 113.13, 113.38, 113.63, 113.74
Sup: 112.65, 112.19, 112.01, 111.70
