The pair maintains bullish bias but faces strong headwinds from 200SMA (111.47), as upside attempts stay capped here for the fourth straight dat.
Wednesday’s marginal close above 200SMA (1 pip) was minor positive signal, as bulls see no help from flat momentum, but strongly overbought stochastic weighs.
Extended consolidation under 200SMA could belikely scenario in coming sessions as US jobs data on Friday come in focus and expected to provide fresh direction signals.
Bullish bias is expected to persist above 111.00 (converged 100/20SMA’s), while break lower would sideline bears and risk dip towards rising daily cloud top (110.45).
Eventual break above 200SMA would open way towards key med-term support at 112.13 (2019 high posted on 5 Mar).
Res: 111.47, 111.70, 111.90, 112.13
Sup: 111.27, 111.12, 111.00, 110.79
