Fresh bearish acceleration on Wednesday pressures again key supports at 111.90 zone (top of rising daily cloud / Fibo 38.2% of 107.31/114.73 ascend), which contained previous attacks last Fri/Mon.
Extension of bear-leg from 112.70 where recovery attempts were repeatedly rejected, shows scope for eventual break through 111.90 and another strong support at 111.70 (converged 100/200SMA’s) to signal bearish continuation.
However, the pair may show further hesitation before breaking lower. Extended consolidation should be capped under 112.70 lower top to keep bearish structure intact.
Alternative scenario would see lift above 112.70 and falling 10SMA (111.90) as reversal signal.
Res: 112.47, 112.70, 112.91, 113.19
Sup: 111.90, 111.70, 111.02, 110.37
