The pair consolidates within narrow range on Tuesday after three-day pullback from 114.54 double-top cracked key support at 113.15 (200WMA) but was contained by rising 20SMA which continues to limit the downside (currently at 112.91).
Failures to clearly break below 20SMA (also nearby Fibo 38.2% of 110.38/114.54 at 112.95) would sideline immediate downside risk, with oversold slow stochastic supporting the notion.
However, no significant upside action could be expected as momentum on daily chart is weak and while 10SMA (113.57) caps, with sideways mode expected while the price holds between pivots at 112.91 (20SMA) and 113.57 (10SMA).
Bearish scenario requires break below 20SMA to expose support at 112.34 (rising 30SMA), while break above 10SMA would generate bullish signal and neutralize downside risk.
Res: 113.39, 113.57, 113.94, 114.10
Sup: 112.91, 112.46, 112.34, 111.97
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