The pair returns to red on Friday and focuses pivotal supports at 110.35/22 (Fibo 23.6% of 104.59/112.13 / 55SMA) after recovery attempts on Thursday were short-lived and stayed below 30SMA (111.06) maintaining bearish bias.
Rising bearish momentum on daily chart helps bears, along with converging and south-turning daily MA’s in bearish configuration.
Sustained break below 55 SMA would expose psychological 110.00 support and open way for further easing towards next pivot at 109.25 (Fibo 38.2%).
The pair is on track for strong bearish weekly close that would add to negative outlook.
Broken 30SMA marks an upper trigger and break here would ease existing bearish pressure, but plethora of MA’s above (between 111.17 and 111.44) continues to weigh and only break above 200SMA (111.44) would neutralize and shift focus higher.
Res: 111.06, 111.17, 111.25, 111.44
Sup: 110.35, 110.22, 110.00, 109.25
