The pair is in recovery mode in early Tuesday’s trading after Monday’s post-election rally failed to clearly break above 114.00 barrier at first attempt and pulled back to113.24.
Today’s recovery is attacking key near-term barrier at 113.72 (top of thickening hourly cloud), break of which is needed for fresh bullish signal for renewed probe through 114.00 barrier and attack at key resistances at 114.33 (Fibo 61.8% of 118.66/107.31 descend) and 114.36/49 (11 May / 11 July former tops).
Bullish daily studies are supportive for further advance but bulls may hesitate again as slow stochastic is entering overbought territory.
Prolonged consolidation could be expected while the price holds within hourly cloud (spanned between 113.19 and 113.72).
Stronger bearish signal could be expected on sustained break below hourly cloud, which would trigger deeper pullback towards 112.70 (converged 10/20 SMA’s).
Res: 113.72, 114.09, 114.33, 114.50
Sup: 113.60, 113.48, 113.19, 112.70
