formation seen in the Asian session, bulls unable to take the pair higher.
is at 47 and has room to run, but Stochs have approached overbought zone, so caution advised.
Further upside can be seen only on breaks above 119, 120.50 next likely target for bulls.
On the other side, close below 5-DMA at 118.55 could see drop till 117.55.
R1: 118.93 (Session highs)
R2: 118.95 (38.2% Fib of 123.76 to 115.97 fall)
R3: 119.17 (Jan 6th highs)
S1: 118.55 (5-DMA)
S2: 118.04 (Jan 27th lows)
S3: 117.92 (10-DMA)