The pair attacked 110 barrier again on Tuesday, but so far unable to break higher. Bullish bias remains in play as bull-trendline off 104.63 low continues to track advance and contained corrective dips, with daily MA’s in bullish configuration.
The notion is partially offset by weakening momentum studies, which make more difficulties for bulls to eventually break through key barriers at 110.00/15 (psychological resistance / 200SMA).
Clear break here is needed to generate strong signal for bullish continuation and expose barriers at 110.48 (02 Feb high) and 110.87 (Fibo 61.8% of 114.73/104.63 fall).
Repeated failure at 110 barrier would signal extended consolidation while the price holds above pivotal supports t 109.58 (trendline) and 109.43 (10SMA).
Break here would weaken near-term structure and risk further easing towards 109.05 (rising 20SMA) and key support at 108.64 (04 May trough).
Res: 110.00, 110.15, 110.48, 110.87
Sup: 109.58, 109.43, 109.05, 108.82
