The pair is holding in the daily cloud and remains in range trading for the fifth consecutive day.
Several attempts higher last week did not manage to close above daily cloud top (111.80) which acts as solid resistance for now.
On the downside, range low at 110.85, posted on Tuesday, stayed intact on Friday’s strong fall that was contained ticks above.
Near-term risk remains shifted lower as daily MA’s are turning on bearish setup and daily Tenkan-sen / Kijun-sen bear-cross weighs on near-term action.
Firm break below 110.85, which also lies near Fibo 61.8% of 110.23/112.12 recovery leg, would signal fresh downside and risk return to 18 May low at 110.23 and daily cloud base / psychological support at 110.00.
Only break and close above daily cloud would neutralize downside threats and signal stronger correction of 114.36/110.23 downleg.
Res: 111.46, 111.68, 111.80, 112.12
Sup: 111.15, 110.85, 110.67, 110.23
