The pair is consolidating on Thursday after suffering heavy losses earlier this week. Wednesday’s strong bearish acceleration extended below key supports at 0.7490/70 and dipped to 0.7453 (50% retracement of 0.7159/0.7747 rally) where it found temporary footstep.
Recovery attempts were so far capped by last week’s low at 0.7490, which is guarding weekly cloud top at 0.7518 and signaling limited upside. Near-term risk remains turned lower for renewed attempts below cracked 100SMA (0.7463) and yesterday’s low (0.7453) to extend bear-phase from 0.7747 (21 Mar high) towards next target at 0.7384 (Fibo 61.8% of 0.7159/0.7747).
Res: 0.7490, 0.7518, 0.7531, 0.7553
Sup: 0.7463, 0.7453- 0.7384, 0.7329
