The pair holds in tight consolidation on Wednesday, following previous day’s strong rally, when it advanced nearly half a percent.
Fresh two-month high was posted at 112.43 today, on probe through Fibo barrier at 112.37 (76.4% of 113.17/109.77 fall, where Tuesday’s rally was capped.
Strong bullish acceleration higher revived momentum and sidelined risk top formation, leaving space for further stretch on sustained break above 112.37 pivot.
However, overbought slow stochastic gives initial warning, but the indicator is for now moving in sideways mode and lacking firmer signal.
Broken Fibo 61.8% barrier at 111.87 marks good support which is expected to contain extended dips and keep bulls in play.
Res: 112.62, 112.92, 113.17, 113.74
Sup: 112.22, 112.10, 111.87, 111.62
