The pair stands at the back foot but still directionless after Monday’s action faced strong rejections on both sides.
Monday’s gap remains unfilled, keeping near-term bias with bears, as negative signals were boosted by close below important Fibo support at 110.73 (61.8% of 109.71/112.40 rally).
Strong bearish momentum and multiple bear-crosses of daily MA’s add to negative outlook, which requires confirmation on repeated close below 110.73 Fibo support.
Bears eye cracked Fibo support at 110.34 (76.4%) and psychological 110 level in extension.
Only bounce and close above 111.05 (Friday’s close/broken Fibo 50%/falling 5SMA would ease bearish pressure.
Res: 110.85, 111.05, 111.37, 111.50
Sup: 110.57, 110.30, 110.00, 109.71
