The pair holds within narrow consolidation on Tuesday after spiking to new four-month high at 111.39 on Monday.
Overall bullish structure is reinforced by formation of 10/200SMA golden cross, however, the pair may hold in extended consolidation, with deeper downticks not ruled out, before bulls resume.
The notion is supported by reversal of slow stochastic from overbought territory.
Rising 5SMA offers immediate support at 110.77, while stronger dips are expected to find ground above key supports at 110.30/23 (trendline support / 200SMA).
Bulls keep in focus targets at 111.96 (weekly cloud base) and 112.35 (Fibo 76.4% of 114.73/104.63 descend).
Negative scenario requires close below 200SMA to delay bulls for stronger correction.
Res: 111.18, 111.48, 111.96, 112.35
Sup: 110.77, 110.55, 110.30, 110.23
