The pair remains biased higher and looks for renewed attack at key barriers at 110.00 and 200SMA (110.15) after bulls were repeatedly rejected at psychological 110 barrier on Thursday and subsequent pullback contained by 10SMA (109.40) which marks key near-term support.
Weekly close above 200SMA is needed to signal continuation of larger uptrend from 104.63 (26 Mar low).
Bullish setup of daily MA’s is partially offset by weakening momentum, which could keep in play risk of deeper pullback.
Today’s close below 10SMA would be negative signal and risk test pivotal 108.75 support (higher low, reinforced by rising 20SMA), break of which would generate strong bearish signal on confirmation of a double-top at 110.
Res: 109.56, 110.03, 110.15, 110.48
Sup: 109.19, 108.99, 108.75, 108.53
