The pair returned to directionless mode after short-lived dip to 110.35 on Wednesday, inspired by increased safe-haven demand, which started to fade.
Dip was contained by rising 20SMA, keeping near-term price action congested between 20 and 200SMA’s.
Daily momentum in sideways mode and mixed setup of MA’s lacks clearer near-term direction signal.
The pair would look for performance of other instruments, data and geopolitical situation, to get fresh signals.
Eventual break above 200SMA (111.30) and converging 100SMA (111.41) would generate strong bullish signal, while extension below 20SMA (110.41) and 110.08/00 (55SMA/psychological support) would weaken near-term tone and risk further weakness.
Res: 111.07, 111.30, 111.41, 111.55
Sup: 110.72, 110.41, 110.00, 109.40
