Near-term price action continues to trade above key supports at 0.7493/88 (100 / 200SMA’s) following upside rejection at 0.7607 and subsequent easing that was contained at 0.7510.
Setup of daily studies remains bullish and is supportive for fresh attempts higher, however, weekly long-legged Doji that signaled strong indecision, requires caution.
Prolonged sideways mode could be expected while the price is holding within the range, with downside risk to remain in play.
Firm break below 200SMA would trigger stronger bearish acceleration and expose next supports at 0.7463 (rising 20SMA) and 0.7437 (Fibo 38.2% of 0.7163/0.7607 ascend).
Conversely, sustained break above 0.7600 zone would open initial target at 0.7630 ( Fibo 76.4% of 0.7776/0.7158 descend) and confirm resumption of recovery rally from 0.7160 zone.
Res: 0.7559, 0.7583, 0.7607, 0.7630
Sup: 0.7539, 0.7488, 0.7463, 0.7437
