The pair is in red in early Monday’s trading with near-term risk turning lower, after recovery attempts from strong 111.02 support (Fibo 50% of 107.31/114.73 rally) were short-lived and capped by 200SMA (111.70).
Immediate risk lies at 111.02 pivot, firm break of which would signal an end of near-term consolidation and resumption of bear-trend from 114.73 (06 Nov peak) towards our targets at 110.70 (daily cloud base) and 110.15 (Fibo 61.8% of 107.31/114.73) in extension.
Only firm break above 200SMA would sideline bearish threats while return and close above daily cloud top is needed to neutralize and signal higher base formation.
Res: 111.70, 112.08, 112.27, 112.90
Sup: 111.15, 111.02, 110.70, 110.15
