Thursday’s strong close in red and below 1.1166 (09 June trough) is seen as bearish signal, as the pair moved lower after three consecutive Dojis and repeated rejection under 1.1300 target.
Fresh bearish pressure is coming from 10/20SMA bear cross which is forming at 1.1212, with next key supports at 1.1121/09 (Fibo 38.2% of 1.0839/1.1295 upleg/30 May low) being in focus.
Sustained break below 1.1121/09 pivots would open way for extended correction towards initial target at 1.1075 (daily Kijun-sen) and 1.1020/00 (Fibo 61.8% of 1.0839/1.1295 upleg/psychological support) in extension.
Corrective rally on oversold studies should stay capped under 1.1200 handle to keep fresh near-term bears intact.
Res: 1.1185, 1.1212, 1.1268, 1.1295
Sup: 1.1132, 1.1121, 1.1109, 1.1075
