The pair came under pressure after repeated rejection at 200SMA (110.19) on Tuesday and attacks again daily cloud top (109.70) in early Wednesday’s trading.
Death-cross of 10/200SMA is forming on daily chart and weighing on near-term action which holds in the range between 55SMA and 200SMA for the third straight day.
Firm break below cloud top is needed for initial bearish signal, while sustained break below 55SMA (109.44) would confirm bearish continuation and expose next pivotal support at 109.17 (Fibo 61.8% of 108.11/110.90/08 June trough).
Bullish scenario requires break and close above 200SMA to signal further upside.
Res: 110.19, 110.75, 110.90, 111.39
Sup: 109.70, 109.51, 109.36, 109.17
