Reversal signal is forming on daily chart after yesterday’s trading ended in tight Doji.
Fresh recovery attempts today were so far limited and lacking momentum for stronger upside which requires break above 100/200SMA’s (111.64/70) which are diverging and generating bearish signal.
Immediate risk will remain at the downside while the latter barriers cap, with fresh weakness through Fibo 50% support at 111.02 expected to open daily cloud base (110.44) for test.
Conversely, bullish scenario needs close above cloud top (112.01) to confirm reversal.
Res: 111.70, 112.01, 112.48, 112.90
Sup: 111.55, 111.02, 110.44, 110.15
