The pair trades near 2019 high at 111.23 following Monday’s rally which generated bullish signal on close above triangle resistance (110.86) and fresh probes above 111 barrier.
Fresh risk appetite on optimistic tones from US/China trade talks boosted the greenback, however, lack of momentum may prevent bulls from final attack at key 200SMA barrier (111.30).
Daily stochastic and momentum are pointing lower and could add to fears of increased hesitation on approach to 200SMA.
Repeated close above triangle’s upper boundary would be positive signal, while bearish close and potential violation of pivotal supports at 110.72/60 (10SMA / triangle support line) would weaken near-term structure and increase risk of pullback.
Res: 111.07, 111.23, 111.30, 111.55
Sup: 110.72, 110.60, 110.24, 109.97
Written by Admin
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