The pair remains at the back foot on Thursday and probed below 111.00 handle (55SMA) on extension of pullback from 111.80 zone after repeated rejection at daily cloud base.
Thin cloud which twists next week may attract for fresh attack. Plethora of daily MA’s continues to underpin and supports scenario.
Strong supports at 110.85 (200SMA) and 110.65 (10/20SMA bull-cross/Fibo 38.2% of 108.80/111.78) are expected to hold for fresh upside attempts.
On the other side, slow stochastic is reversing from overbought territory on daily chart and warns of deeper pullback.
Firm break below 110.65 will neutralize expectations of fresh bullish action and expose supports at 110.29/109.94 (Fibo 50% and 61.8% retracement of 108.80/111.78 rally respectively).
Res: 111.42, 111.78, 112.24, 112.05
Sup: 111.00, 110.85, 110.65, 110.29
