The pair bounced back above 3.5000 handle following recovery of the greenback on Tuesday, after downside attempts repeatedly failed to clear 200SMA support at 3.4928.
Bearish acceleration on Monday that eventually broke and close below 3.5150 support (Fibo 76.4% of 3.4743/3.6467 rally) which contained downside attempts since mid-July, generated bearish signal.
Final break below 200SMA would open way towards key med-term support at 3.4743 (14 June low).
Upside attempts were so far limited and unable to sustain break above 3.5000, however stronger upticks should be contained by converged falling 10/20SMA’s (3.5214/44).
Res: 3.5039, 3.5120, 3.5214, 3.5244
Sup: 3.4928, 3.4904, 3.4874, 3.4743
