The pair remains in red on Wednesday and extends descend from 113.63 (21 Dec lower top) left after repeated failure to clearly break above daily cloud.
The price continues to move lower since then, tracking descending daily cloud top which marks immediate support (currently at 113.08).
Strong supports lay at 113.00/112.85 zone (daily cloud top / Fibo 38.2% of 112.02/113.63 upleg / 10/55/20SMA’s) and firm break here would generate stronger bearish signal.
Near-term action is weighed by falling and thickening hourly cloud (spanned between 113.32 and 113.41) and the downside is expected to remain at risk while the latter caps.
Res: 113.32, 113.41, 113.63, 113.74
Sup: 113.00, 112.85, 112.68, 112.43
