The pair bounces on Tuesday after repeated rejection at strong support at 108.83 (weekly cloud base) that signals strong hesitation at key support zone.

Overall picture remains firmly bearish and favors further downside after completion of current consolidative phase.

Firm break below 108.83 and last Friday’s low at 108.60 is needed to signal bearish continuation towards key med-term support at 108.11 (17 Apr low).

- advertisement -

Upside attempts so far hold below initial resistance at 109.64 (falling 10SMA), which guards sideways-moving daily Tenkan-sen (109.77), and psychological 110.00 barrier, where extended upticks should be capped.

Res: 109.49, 109.64, 109.77, 110.00
Sup: 108.83, 108.60, 108.11, 107.88

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.