The pair returned below 0.7600 handle on Tuesday after probe above pivot at 0.7616 (Fibo 38.2% of 0.7739/0.7541 pullback) failed to sustain break, as rally was capped by 55SMA at 0.7634.
Studies on daily chart remain mixed and lacking clearer direction signals that may result in prolonged consolidation.
Downside is expected to remain at risk as pullback from 0.7739 doesn’t look completed.
Increased downside pressure could be expected on violation of 0.7541 (Friday’s low) that would expose a cluster of strong supports, consisting of 200 / 100 and 55 SMA’s (0.7526/0.7509/0.07508 respectively) and Fibo 38.2% of 0.7158/0.7739 rally that marks downside breakpoint.
Conversely, bounce above upper triggers at 0.7634 / 0.7641 / 0.7653 (55 / 10 / 20 SMA’s) is needed to generate stronger bullish signal for fresh recovery.
Res: 0.7634, 0.7641, 0.7653, 0.7697
Sup: 0.7571, 0.7541, 0.7526, 0.7509
