Two consecutive long red daily candles and close below initial 10SMA / daily Tenkan-sen supports turned near-term picture bearish and weigh on the market.
Reversal from fresh multi-month high at 1.1020 dipped to 1.0862 where temporary footstep was found.
The pair is consolidating in early Wednesday trading, with action so far holding below 1.0900 handle and keeping intact upside pivots at 1.0913/38 (10SMA / Tenkan-sen) now reverted to resistances.
Pullback may extend to 1.0848 (Fibo 38.2% of 1.0568/1.1020) and 1.0826 (200SMA) with the latter expected to hold dips and keep overall bullish bias in play.
Golden cross of 20/200SMA’s is forming at 1.0826 and underpinning larger uptrend.
Bounce and close above daily Tenkan-sen will be seen as strong bullish signal for renewed attempts above 1.1000.
Conversely, close below 200SMA will be bearish and signal deeper correction.
Res: 1.0913, 1.0938, 1.0950, 1.0998
Sup: 1.0862, 1.0848, 1.0826, 1.0794
