Recovery rally from 109.11 (07 June low) extends into third day and pressures strong resistances at 110.40/50 zone (daily Tenkan-sen / 10 / 200SMA which are forming Death Cross / broken Fibo 61.8% 108.11/114.36 rally).
Correction should be ideally capped here to keep intact overall bears for retest of 109.11 and final push towards key short-term support at 108.11 (17 Apr low).
However, fresh strength of the US dollar (dollar index opened with gap-higher on Friday) may push the pair above 110.40/50 pivots for extended correction.
Today’s close above these barriers is needed to confirm scenario.
Res: 110.50; 110.95; 111.12; 111.70
Sup: 110.00; 109.71; 109.38; 109.11
