The pair extends pullback from Tuesday’s rejection at 111.78 and pressures psychological 111.00 support, reinforced by 55SMA. Slow stochastic is in deep overbought territory on daily chart and sees risk of deeper pullback on reversal.
Strong supports at 111.80 (200SMA) and 111.65 (20SMA/Fibo 38.2% of 108.80/111.78) should ideally contain correction to keep in play fresh upside attempts, which could be also attracted by thinning daily cloud.
Conversely, firm break below 111.80/65 pivots would signal reversal and open way for further retracement of 108.80/111.78 upleg and expose psychological 110.00 support.
Res: 111.33, 111.48, 111.78, 112.24
Sup: 111.02, 110.65, 110.29, 110.00
