The pair extends steep bearish acceleration from Tuesday and falls to new five-week low on Wednesday, driven by broader dollar’s weakness (dollar index fell to the lowest since Apr 2018).
Bears pressure key short-term support at 103.17 (6 Nov low), where strong headwinds could be expected.
Consolidation is likely to precede final break of pivotal 103.00 zone that would open way towards 101.18 (2020 low, posted on Mar 9), with upticks to provide better selling opportunities while holding below pivotal 104 resistance zone (falling 10/20 DMA’s).
Res: 103.51, 103.72, 103.96, 104.09.
Sup: 103.17, 102.58, 102.22, 101.63.
