The pair extends pullback from 111.82 high on Tuesday, following bearish signal from Monday’s marginal close below 200SMA and formation of reversal pattern on daily chart.
Repeated close below 200SMA is needed to confirm near-term stance, however, corrective action should find footstep at 111 zone (Fibo 38.2% of 109.71/111.82 / 20/100SMA’s) to keep bulls intact as strong bullish momentum and rising massive daily cloud continue to underpin.
Only violation of daily cloud top 110.75 would sideline bulls for deeper correction.
Res: 111.49, 111.58, 111.82, 112.13
Sup: 111.22, 111.00, 110.75, 110.51
