The pair stays in red for the second day and extends weakness after Wednesday’s strong rejection at key 111.00 resistance zone. Fresh bearish acceleration was boosted by disappointing Fed minutes that put the greenback under pressure, with today’s probe below daily Tenkan-sen (109.83)signaling that corrective phase from 108.72 (11 Aug low) might be over. Bearish scenario remains favored as the price returned below 10 and 20 SMA after short-lived probe above, with daily studies now being back to full bearish setup. Firm break below daily Tenkan-sen and Fibo 61.8% of 108.72/110.94 at 109.57 is needed to confirm reversal. Thick hourly cloud (spanned between 110.09 and 110.57) weighs on near-term action and expected to limit recovery attempts. Only sustained break above the cloud would shift near-term bias higher and re-focus key 111.00 resistance.
Res: 110.09, 110.21, 110.44, 110.84
Sup: 109.83, 109.57, 109.25, 109.03
