Support - 105.55, 104.847, 103.55
- Pair currently trades around 105.70 after having clocked a high of 106.04 levels. Pair needs to close above 105.55 levels and ensure tomorrow's closing is above 105.55 as well. In such a case, the spot could move higher to 106.26-106.38 levels.
- Moreover, two consecutive day end closing above 105.55 could trigger short unwinding that could yield a rise to 50-DMA seen today at 108.23 levels.
- Traders hoping for a technical correction need to observe caution if the daily closing today/tomorrow is below 105.55 as it would signal a fall back to recent cyclical low of 103.55 levels.