The pair is struggling to sustain gains above 110.00 handle, with falling 10SMA continuing to cap and keeping the downside at risk. Overall bearish structure supports the notion as the price stays below key barriers at 110.41 (daily Tenkan-sen) and 110.59 (200SMA). Return below Monday’s low at 109.62 would attract key support at 109.11 (07 June low). Last Friday’s high at 110.81 (reinforced by 20SMA) marks pivotal barrier and break here would sideline persisting downside risk. Outcome of FOMC meeting is expected to trigger stronger movements and signal near-term direction.
Res: 110.35, 110.41, 110.59, 110.81
Sup: 109.95, 109.62, 109.38, 109.11