The pair entered US session fully in red as the greenback came under increased pressure after China announced new tariffs on US goods, in response to US tariff decision, announced earlier today. Fresh weakness has almost fully retraced gains of past two days and pressures higher base at 1.2980 zone (lows of last week / triple downside rejection). Fresh bearish sentiment favors break below 1.2980 to expose weekly cloud top (1.2927) and open way for full retracement of 1.2887/1.3226 upleg. Daily MA’s in full bearish configuration and weakening momentum support bearish scenario.
Res: 1.3016; 1.3064; 1.3096; 1.3121
Sup: 1.2980; 1.2963; 1.2927; 1.2887
