Bulls struggle at 200SMA
The pair maintains positive near-term bias but remains stuck at pivotal 200SMA (111.40) which capped Tuesday’s action in extension of recovery from 110.78 trough (8 Mar).
Recovery remains underpinned by rising 20SMA (111.10) which contained recent pullback and continues to track fresh advance, with the action being supported by rising and thickening weekly cloud.
Clear break above 200SMA is needed to confirm recovery and open key targets at 112.13/20 (2019 high / Fibo 76.4% of 114.54/104.59).
Repeated failure to clear 200SMA would keep in play risk of fresh weakness on pullback and close below 20SMA that would expose supports at 110.73 (30SMA) and 110.00 (psychological / 55SMA).
Res: 111.40; 111.52; 111.85; 112.13
Sup: 111.10; 110.78; 110.73; 110.35