The pair stands at the back foot on Thursday and on track for renewed attack at 112.00 support, following strong rejections here in past two days.

Fresh easing is probing below 20SMA (112.19) after past two days bearish attempts failed to close below and generate initial bearish signal. Additional pressure comes from softer US dollar following dovish tone from Fed’s minutes which may result in final break below triggers at 112.00 and 200SMA (111.83).

Close below the latter will be seen as strong bearish signal and could trigger acceleration towards 111.47 trough and 100 SMA/Fibo 38.2% of 107.31/113.43 at 111.09.

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The upside remains capped by 10 SMA (currently at 112.61) and only sustained break above here would sideline persisting downside risk.

Res: 112.61, 112.82, 113.25, 113.43
Sup: 112.19, 112.00, 111.83, 111.47


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