The pair is attempting to break above 10/20SMA’s (112.39/42) which capped previous day’s rally. Fresh attempts to signal direction are under way after Tuesday’s trading ended in long-legged Doji, showing strong indecision. However, near-term bias is turned higher after the pair bounced from key 200SMA support which contained several attacks. Stronger direction signal could be expected on lift above 10/20SMA’s and daily Tenkan-sen (112.54) which would expose 112.75 (Fibo 61.8% of 113.43/111.65 downleg) and psychological 113.00 barrier (also Fibo 76.4%). Otherwise, extended consolidation could be expected while the pair holds within 11.40/112.00 range, while return below 112.00 will generate negative signal for renewed attempt at 200SMA.
Res: 112.54, 112.75, 113.00, 113.25
Sup: 112.33, 112.00, 111.75, 111.65
