The pair holds above strong 108.15/00 support zone (converging 100/55SMA’s/50% of 104.63/111.39 ascend) on Wednesday and consolidating losses of past two days. Tuesday’s strong downside rejection (daily low at 108.11) signals bears require consolidation before fresh extension lower. Recovery attempts were so far unable to clearly break above initial barrier at 108.81 (broken Fibo 38.2%), keeping intact 30SMA (109.45) which is expected to cap extended upticks. Eventual break below 108 pivot would expose top of rising daily cloud (107.60) and another strong support at 107.21 (Fibo 61.8% of 104.63/111.39).
Res: 108.81, 109.11, 109.45, 109.71
Sup: 108.34, 108.15, 108.00, 107.60
