Bulls eye Fibo barrier at 112.37 but consolidation may precede rally

The pair holds in red in early European trading, following quiet Asian session as Tokyo was closed for holiday.
Bulls hit new recovery high at 112.16 on Friday (the highest in two months), in extension of strong bullish acceleration on Friday.
Repeated close above 111.87 (Fibo 61.8% of 113.17/109.77 fall) was bullish signal, reinforced by strong bullish weekly close (the biggest one-week advance since early July).
Bulls look for clear break above cracked barrier at 112.15 (01 Aug high) for test of next target at 112.37 (Fibo 76.4%).
Bulls may take a breather before resuming, with consolidation to be ideally held by broken Fibo barrier (111.87), with extended dips to find ground above rising 10SMA (111.45) to keep bullish bias.

Res: 112.16; 112.37; 112.62; 112.92
Sup: 111.87; 111.64; 111.45; 111.28