The dollar remains firmly in red and extends weakness into fourth consecutive day.
Bearish acceleration from 105.67 peak (11 Nov) so far retraced over 50% of 9 Nov massive rally, signaling further weakness.
Bears approach key Fibo support at 104.13 (61.8% of 103.17/105.67), following strong bearish signal on double daily close below pivotal support at 104.72 (Fibo 38.2%).
Close below 104.13 would add to negative signals and increase risk of full retracement of 103.17/105.67 rally.
Falling daily MA’s in bearish configuration maintain pressure, with momentum entering negative territory.
Upticks towards 104.72, now reverted to strong resistance, are expected to offer better selling opportunities.
Res: 104.42, 104.60, 104.72, 104.91
Sup: 104.13, 104.00, 103.76, 103.17
