The dollar regained traction after four-day fall stalled on attempts to clear key supports at 114.36/31 (55DMA / Fibo 61.8% of 113.47/115.68).
Fresh strength signals formation of a bear trap, which underpins recovery, but requires confirmation on today’s bullish close, preferably above 114.80, to form bullish engulfing and add to positive signals.
Daily MA’s are turning to positive setup and bullish momentum continues rise on daily chart, supporting the action, along with rising and thickening daily Ichimoku cloud.
Bulls need close above 115 zone (daily Kijun-sen / over 50% retracement of 115.68/114.15 bear-leg) to confirm reversal.
Broken 10DMA (114.57) reverted to support which needs to hold today’s action and keep fresh bulls in play and guard lower pivots at 114.36/31.
Traders focus on today’s key events – ECB and BoE policy meetings – which could produce higher volatility and more dollar-related events – US weekly jobless claims and Services PMI.
Res: 114.91; 115.10; 115.32; 115.59
Sup: 114.57; 114.31; 114.15; 113.99
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