Bears are facing some headwinds on Monday but hold grip, following bearish signals from weekly close below Fibo support at 1.0955 (50% retracement of 1.0635/1.1275 upleg) and strong upside rejection on Thursday which left a daily candle with long upper shadow.
Near-term action was held again by 100DMA (1.0930), suggesting that bears may pause here, keeping the pair in extended sideways mode of past two weeks.
Daily studies still lack clear direction signals on conflicting indicators, as momentum is bearish, MA’s in mixed setup and falling stochastic is approaching oversold territory.
Sustained break below 1.0955 is needed to maintain downside pressure, but breach of 100DMA is required to signal bearish continuation for attack at pivotal supports at 1.0880 zone (Fibo 61.8%/top of thin daily cloud).
Daily Tenkan-sen (1.0988) marks initial resistance which should ideally cap upticks and guard upper pivots at 1.1031/52 (broken Fibo 38.2% / 20DMA / Thursday’s spike high) violation of which would revive bulls.
Res: 1.0988; 1.1005; 1.1031; 1.1052.
Sup: 1.0930; 1.0912; 1.0880; 1.0833.
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