The pair is down 0.7% since opening on Monday and extending steep fall into third day, driven by fresh strong safe-haven demand and further fall of the dollar. Fresh weakness pressures key Fibo support at 105.20 (61.8% of 101.18/111.71 March recovery rally), with firm break here to generate negative signal and expose targets at 104.78/103.98 (Fibo 161.8%/200% projections of bear-leg from 108.16 and 103.66 (Fibo 76.4% of 103.18/111.71). Bearish daily techs support the action, however, oversold conditions should be considered.
Res: 105.57. 106.07. 106.39. 106.68
Sup: 105.20. 104.78. 104.47. 103.98
