Initial bulish signal on probe above 1.10 pivots needs confirmation
Fresh bullish acceleration in early Europe on Thursday eventually broke above key 1.10 resistance zone, where upside attempts in past five days were repeatedly capped.
Renewed hopes for trade deal on US/China talks sparked rally which generated initial bullish signal on lift above 1.10 zone barriers (daily Kijun-sen / 20DMA / 50% of 1.1109/1.0878 / Fibo 23.6% of 1.1412/1.0878 / bear-trendline drawn off 1.1412, 25 June peak).
Violation of 10 barriers dents larger downtrend, however, fresh bulls need more signals for confirmation.
Extension above 1.1021 (Fibo 61.8% of 1.1109/1.0878) would open way towards 1.1055 (Fibo 76.4% / 55DMA).
Daily close above 1.10 zone is needed to confirm bullish bias.
Conversely, failure to close above 1.10 zone would signal false break higher and keep the downside vulnerable.
Res: 1.1025; 1.1055; 1.1075; 1.1109
Sup: 1.1004; 1.0994; 1.0968; 1.0957