Bullish sentiment that was regained on Thursday’s break and closewell above weekly cloud top at 111.36 was offset by Friday’s quick pullback after bulls briefly tested next pivot at 112.15 (Fibo 38.2% of 115.49/110.09 downleg), ending day firmly in red and closing at 111.36 level. The pair stands at the back foot on Monday as fresh near-term bears are probing below 111.36 handle (which also marks Fibo 38.2% of 110.09/112.18 upleg) and close below it would generate fresh bearish signal. Hourly studies in negative setup maintain downside pressure, as thick hourly cloud (111.44/74) so far caps recovery attempts. In addition, 4-hr studies are moving from neutral to bearish mode that also weighs on near-term action, as daily technicals maintain firm bearish mode. Sustained break below 111.36 handle would open next pivot at 110.90 (Fibo 61.8%) loss of which is needed to confirm reversal. Conversely, extended consolidation could be anticipated while the price holding around 111.36.
Res: 111.36; 111.57; 111.75; 112.15
Sup: 111.11; 110.90; 110.59; 110.09
