The pair bounced on Wednesday after attack at 110.00 support was short-lived (the price spiked to 109.91 on Tuesday) as the price also failed to close below Fibo 76.4% support at 110.14.
Today’s recovery approached 111.00 barrier (falling daily Tenkan-sen) attracted by daily cloud twist on Thursday).
The action is supported by reversing daily RSI / slow stochastic indicators, but limited upside action is expected before broader bears resume.
Upticks should be ideally capped at 111.00 zone to keep negative structure intact for renewed attack at 110.00 support zone.
Alternatively, break and close above daily cloud (cloud top lies at 111.24 today) would signal extended recovery and shift near-term bias to the upside.
Res: 111.00, 111.24, 111.32, 111.65
Sup: 110.62, 110.14, 109.91, 109.26
