Bulls are consolidating under key 200WMA barrier after last week’s strong rally

Bulls are taking a breather on Monday after steep five-day rally fully retraced 1.1482/1.1121 bear-leg.
Daily studies are in positive setup and suggest bulls should remain in play after shallow consolidation on overbought conditions.
Broken daily cloud (1.1439) and 100DMA (1.1425) mark solid supports which should ideally contain.
Weekly bullish engulfing and large weekly candle (the pair was up 2.76% last week) underpin the action for renewed attack at key 1.1497 barrier (200WMA), break of which is needed to signal a continuation of recovery from 1.1121 (Jan 28 low).
Fresh bulls are expected to remain in play if deeper dips stay above 1.1350 zone (near Fibo 38.2% of 1.1121/1.1483 upleg).

Res: 1.1465; 1.1483; 1.1497; 1.1558
Sup: 1.1400; 1.1376; 1.1345; 1.1312