The pair cracks pivotal support at 108.81 (Fibo 38.2% of 104.63/111.39 ascend) on Tuesday and looks for strong bearish signal on break, which would open way for extension of pullback from 111.39 (21 May peak).
Fresh extension lower also eyes 108.64 (04 May trough), with close below 108.81/64 pivots needed to confirm bearish continuation.
Bears could extend towards 108.19/05 (converging 100/55SMA’s) and could travel towards 107.60 (top of rising and widening daily cloud ).
Formation of 10/200SMA Death-cross and south-heading momentum in the negative territory, maintain bearish pressure.
Broken 30SMA (109.41) marks solid resistance which is expected to cap upticks and keep bears in play.
Res: 108.95, 109.41, 109.78, 110.08
Sup: 108.64, 108.19, 108.05, 107.49
