The pair holds between daily cloud base (107.16) and cracked Fibo barrier at 107.56 (50% retracement of 110.48/104.63 bear-leg) on Monday, but keeping bullish bias while above cloud base.
Friday’s upside rejection at 107.77 and failure to close above 107.56 barrier so far did not show stronger impact on bulls, as US attacks on Syria failed to trigger stronger safe-haven demand.
Bullish setup of daily techs is reinforced by formation of 10/55SMA bull cross at 107.00 today and remains supportive for further advance, however, close above 107.56 pivot is needed to generate bullish signal for extension towards next key barrier at 107.97 (Fibo 38.2% of 113.38/104.63 descend).
Conversely, near-term structure would weaken on close below cloud base, while return below 10/55SMA’s would generate strong bearish signal for deeper pullback.
Res: 107.56, 107.97, 108.28, 108.77
Sup: 107.00, 106.65, 106.45, 106.20
