Yesterday’s strong rally that spiked to 1.2306 sidelined immediate downside pressure and signaled near-term base at 1.2140 zone, where multiple downside rejections were seen in recent days.
However, overall picture remains negative as daily studies are in the negative territory and MA’s in bearish setup.
This suggests that selling upticks scenario is still in play, as the pair cracked pivot at 1.2300 but failed to clearly break it (the rally stalled just under falling 20SMA, currently at 1.2315).
Lower pivot lies at 1.2210 (daily Tenkan-sen) and return below it would signal renewed attempt lower for final close below 1.2155 trigger (Fibo 76.4% of 1.1986/1.2704 rally).
On the other side, sustained break above 1.2343 (daily Kijun-sen) would signal extended recovery towards daily Ichimoku cloud (spanned between 1.2379 and 1.2435).
Res: 1.2308′ 1.2315′ 1.2343′ 1.2379
Sup: 1.2249′ 1.2231′ 1.2210′ 1.2183
