The pair maintains firm tone on Tuesday and is back above 113.00 handle, approaching recent highs at 113.20/25.
Fresh bullish extension on Tuesday is on track to fully retrace 113.25/112.21 correction and generate bullish signal on eventual close above cracked 112.80 barrier (Fibo 76.4% of 114.49/107.31 descend) and lift above 113.20/25 spikes.
Bullish tech on daily chart are supportive, with rising 10SMA tracking the advance in past three week and bullish stance being boosted by 10/200SMA Golden cross.
Sustained break above 113.20/25 pivots is required to confirm scenario and open way towards next barriers at 113.57/114.00 (14 July lower top / round-figure resistance) with key barrier at 114.49 (114 July peak) expected to come in focus.
However, recent repeated failures to sustain probes above 113.00 warn of possible extended consolidation if bulls stall again.
Bullish stance is expected to stay intact while rising 10 SMA (112.41) holds, while break here would generate bearish signal.
Res: 113.25, 113.57, 114.00, 114.49
Sup: 112.61, 112.41, 112.21, 111.98
