Fresh bearish extension on Monday took out key support at 110.83 (27 Nov low) and heading towards next strong supports at 110.15 (Fibo 61.8% of 107.31/114.73 ascend) and psychological 110.00 support. The pair is holding in red for the fifth straight day, with loss of 110.83 pivot generating strong signal of sidelining broader longs. Violation of 110.00 pivot would open way for further bearish acceleration and expose next key points at 109.10 (weekly cloud base), 107.70 (bull-trendline off Sep 2012 low at 77.12) and key med-term support at 107.31 (Sep 2017 trough). Corrective actions could be anticipated in coming session as studies are oversold, but strong bearish sentiment suggests limited upside. Strong resistance at 111.70 zone, provided by weekly cloud top and broken 200SMA, is expected to cap upticks.
Res: 110.83, 111.18, 111.70, 111.96
Sup: 110.50, 110.15, 110.00, 109.10
