Extension of Monday’s strong rally stalled at 0.8839 on Tuesday, capped by falling daily Tenkan-sen, just ahead of daily cloud base (0.8844).
Daily cloud is descending and thickening after twisting on Monday and providing significant barrier, reinforced by plethora of daily MA’s between 0.8834/52 zone.
Daily studies are in negative setup and keep in play overall bearish bias, as recovery stall added on existing pressure.
Today’s spike to 0.8839 cracked important barrier at 0.8828 (Fibo 38.2% of 0.8919/0.8771), but failure to close above it would increase downside risk of revisiting key near-term support at 0.8771 (26 Feb low).
Bullish scenario requires close above 0.8852/63 (daily cloud top / Fibo 61.8% of 0.8919/0.8771) to neutralize bearish threats and turn near-term focus higher.
Res: 0.8828, 0.8839, 0.8852, 0.8863
Sup: 0.8815, 0.8800, 0.8771, 0.8732
. Daily cloud is descending and thickening after twisting on Monday and providing significant barrier, reinforced by plethora of daily MA's between 0.8834/52 zone.){kind=link}