The pair bounces from Tuesday’s five-month low at 1.0827 after strong bearish acceleration on Tuesday met its target at 0.7329 (weekly Ichimoku cloud base).
Yesterday’s fall closed below important 0.7384 support (Fibo 61.8% of 0.7159/0.7747) that adds on bearish structure
Larger bears may pause and enter consolidative corrective phase as support is strong and daily studies are oversold.
Broken Fibo support at 0.7384 now acts as initial resistance, with extended correction expected to remain capped by falling 10SMA (currently at 0.7434, also former low of 27 Apr) to keep bears in play for fresh downside and attempts towards next support at 0.7298 (Fibo 76.4% of 0.7159/0.7747).
Res: 0.7384, 0.7313, 0.7434, 0.7467
Sup: 0.7329, 0.7398, 0.7286, 0.7250
