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Technical Outlook: Recovery Stays Capped By 55SMA As Wed’s Long Red Candle Continues To Weigh

Recovery attempts from last Thursday’s spike low at 110.22 remain capped by descending 55SMA (currently at 111.68) as overall structure remains weak and keep near-term focus at 110.00/109.80 targets (psychological support/rising 200SMA).

Long red candle that was left on Wednesday continues to weigh, together with daily cloud top at 111.80.

Another strong barrier lies at 112.29 (daily Tenkan-sen) where extended corrective upticks should be limited before bears resume.

Res: 111.68, 111.80, 112.29, 112.78
Sup: 111.13, 110.96, 110.50, 110.22

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
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