The pair maintains firm tone for the fourth straight day and pressures key barrier at 111.51 (daily cloud top) in extension of strong bullish acceleration on Thursday. Daily MA’s turned to bullish setup and momentum strengthened, supporting the advance. Strong bullish signal could be expected on close above daily cloud, which would open way towards strong barriers at 111.87 (Fibo 61.8% of 113.17/109.77 descend) and 112.15 (01 Aug high). Meanwhile, bulls may show hesitation at cloud top, which could result in extended consolidation before fresh push higher. Former strong barriers at 111.00 zone (converged 20/55SMA’s) now reverted to supports and are expected to contain stronger downticks to keep bullish bias in play.
Res: 111.51, 111.87, 112.15, 112.37
Sup: 111.22, 111.00, 110.74, 110.64
