The pair surged to new ten-month high at 112.22 on Thursday, in extension of previous day’s 1.36% rally.
Strong bullish acceleration in past two days was sparked by fading fears about coronavirus epidemic as well as rising dollar, boosted by strong US data.
Bulls pressure targets at 112.40/41 (24 Apr 2019 high / 50% retracement of 125.84/98.99 fall), with break here to open way for 114+ advance.
Firmly bullish daily studies support scenario, but overbought conditions warn that bulls may enter consolidation in coming sessions.
Potential dips should find ground above pivotal supports at 111.31/11 (Fibo 38.2% of two-day 109.83/112.22 rally / Wednesday’s low) to keep bulls in play, while break lower would signal deeper correction.
Res: 112.22; 112.40; 112.66; 113.17
Sup: 111.66; 111.31; 111.11; 110.75
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