Near-term bears from 1.3029 peak are taking a breather above daily cloud, holding in directionless mode on Thursday and awaiting data for firmer signals.
Probe below daily cloud top on Wednesday was short-lived and hopes for fresh upside attempts would remain in play while cloud supports.
Multiple bull-crosses of daily MA’s are also supporting bulls, along with north-heading daily Tenkan-sen, which diverges from Kijun-sen line.
Corrective pullback from 1.3029 should ideally bottom above daily cloud top, as technical studies support this scenario.
However, fundamentals are likely to be the key driver these days. US jobs data are in focus with BoE MPC hawk McCafferty due to speak today and may also affect cables near-term action.
Bullish scenario requires stronger bounce from daily cloud top (1.2945 and 1.2977 Fibo barriers are seen as triggers) with extension above 1.2977 to confirm reversal.
Alternatively, break below daily cloud top (1.2906) would open plethora of MA supports below (lying between 1.2870 and 1.2809).
Res: 1.2945, 1.2961, 1.2977, 1.3000
Sup: 1.2906, 1.2893, 1.2870, 1.2831
