The pair turned to red on Friday and is back into daily cloud after failing to capitalize from Thursday’s rally and marginal close above cloud top.
Near-term focus shifts lower again, supported by bearish setup of daily MA’s (10,20,30) and negative momentum studies.
Close within daily cloud will be bearish signal for final push towards key supports at 0.7773 (converged 100/200SMA’s) and 0.7758 (09 Feb low).
The pair is also on track for bearish weekly close which would add on existing negative outlook.
To neutralize immediate downside risk, close above 10SMA (0.7875) is needed.
Res: 0.7847, 0.7875, 0.7906, 0.7940
Sup: 0.7813, 0.7790, 0.7773, 0.7758
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