Strong two-day rally that broke above narrowing daily cloud and closed well above daily Tenkan-sen (1.2458) has shifted near-term focus higher. Tuesday’s strong bullish acceleration extended briefly in early Wednesday and pressuring psychological 1.2500 barrier and 06 Apr high at 1.2504. Break here is needed to expose next target at 1.2553 (03 Apr high) and open way towards key near-term barrier at 1.2613 (27 Mar peak). Daily MA’s and Tenkan-sen/Kijun-sen lines in bullish setup are supportive for further advance, as the pair is awaiting UK jobs data for firmer signals. UK jobless claims are expected to rise in March, according to forecast at -3.0K vs -11.3K in Feb, while Unemployment rate and Average Earnings are expected to stay unchanged at 4.7% and 2.2% respectively. Broken daily Tenkan-sen/20SMA offer solid support at 1.2455 zone, which is expected to hold dips and guard lower pivot at 1.2415 (100SMA).
Res: 1.2505, 1.2518, 1.2553, 1.2594
Sup: 1.2478, 1.2455, 1.2415, 1.2374
