Bears faced strong headwinds from key supports at 110.15/00 (Fibo 61.8% of 107.31/114.73 rally / psychological support) and risk consolidation, possibly extended upticks in the near term.
Oversold daily studies support scenario, with recovery action facing solid resistance from thick hourly cloud, spanned between 110.72 and 111.01.
Limited upside is seen as likely scenario, as overall picture remains firmly bearish, with additional pressure coming from formation of 10/200SMA death-cross (111.68).
Eventual break below 110.15/00 pivots is expected to spark fresh acceleration on triggering significant stops, parked under psychological 110.00 support.
Fresh bears would look for targets at 109.54 (15 Sep spike low) and 109.06 (Fibo 76.4% of 107.31/114.73 rally).
Res: 110.72, 111.01, 111.68, 111.78
