The pair holds in red on Tuesday and pressures lows of past two days (109.27) maintaining bearish near-term bias which was interrupted by brief recovery on Monday.
Bearish daily techs and last Thursday’s long red daily candle (the biggest one day fall since 22 Mar) weigh, keeping in play risk of final push towards key support at 109.01 (13 May low, the lowest since early Jan, violation of which would generate strong signal for continuation of the downtrend from 112.40 (2019 high of 24 Apr).
Broken Fibo support at 109.65 961.8% of 109.02/110.67 bull-leg) caps upside attempts, maintaining downside risk.
Only break here and above 10SMA (109.80) would sideline bears and signal stronger recovery.
Res: 109.65, 109.80, 110.08, 110.36
Sup: 109.21, 109.02, 108.72, 108.50
