Bulls focus 2020/19 highs but may take some time for final attack
The pair maintains bullish tone and eyes key barriers at 112.22 (2020 high) and 112.40 (2019 high) as four consecutive closes above Fibo barrier at 109.61 (76.4% of 112.22/101.18) added to positive signals despite evident hesitation that is presented by long-legged candles of past three days.
Rising bullish momentum on daily chart supports the advance, along with multiple bull-crosses that rising 10DMA formed, however flat RSI and stochastic warn that bulls may take some time to eventually attack targets.
Rising 5DMA offers immediate support at 111.13 with deeper downticks expected to hold above psychological 110 support and keep bulls intact.
Res: 111.71; 112.00; 112.22; 112.40
Sup: 111.13; 110.74; 110.00; 109.61