The pair shows strong hesitation at 112 barrier, following the third straight failure to close above here, but the price remains within tight range (111.64/112.13), keeping the downside limited.
Extended consolidation is likely to precede fresh push higher and eventual probe through significant barriers at 112.20/30 (Fibo 76.4% of 114.54/104.59/200WMA), break of which would generate strong bullish signal for continuation of uptrend from 104.59.
Dip-buying scenario remains in play while 200SMA support (111.35) holds.
Res: 112.13, 112.20, 112.31, 112.60
Sup: 111.74, 111.35, 111.24, 110.85
Written by Admin
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