The pair regains traction and probes through converged 100/200SMA’s (111.38) following double failure to clearly break below rising 20SMA.
Cracked moving average remains initial support (111.09) and underpins recovery.
Lift above 100/200SMA’s is needed to accelerate recovery and improve technical outlook, as daily momentum is flat and lacking stronger support.
Sustained break higher would expose key barriers at 112.13/20 (5 Mar high/Fibo 76.4% of 114.54/104.59 fall) regain of which would signal continuation of recovery from 114.59 (1 Mar spike low).
Caution on failure to close above 100/200SMA which would weaken near-term structure and risk fresh downside.
Res: 111.48, 111.85, 112.13, 112.20
Sup: 111.19, 111.09, 110.78, 110.64
