The pair maintains firm near-term tone on Friday and pressures barrier at 109.88 (50% retracement of 111.48/108.28 downleg / 4-hr cloud top / weekly 100SMA).
Fresh bullish acceleration is again above 10SMA (109.45) after yesterday’s probes failed to close above it.
Bulls need sustained break above 109.88 to signal further recovery which could stretch towards next pivots at 110.25 (Fibo 61.8% of 111.48/108.28) and 110.40 (falling 20SMA).
Underlying bears see risk of fresh downside after current corrective phase is completed with extended upticks to stay under 20SMA.
However, bullish signal is developing on weekly chart as the pair is on track for bullish weekly close, the first after three consecutive weeks in red.
Signal for stronger recovery action would be generated on close above falling 20SMA.
Conversely, repeated daily close below 10SMa will be negative signal and would keep the downside at risk.
US jobs data are due later today and expected to give more clues about dollar’s near-term performance.

Res: 109.88; 110.25; 110.40; 110.72
Sup: 109.45; 109.27; 109.03; 108.59