Steep descend in past two days extended below 109.00 handle on Thursday and met target at 108.72 (200SMA).
Strong support held the first attack, with price bouncing back to 109.00 zone but holding within narrow consolidation for now.
Firmly bearish daily studies keep immediate focus at the downside, with firm break below 200 SMA to trigger fresh extension of bear-leg from 111.56 lower top and expose next
target at 107.84 (Fibo 61.8% of 101.17/118.65 ascend).
Caution on oversold daily RSI and slow stochastic, as well as profit-taking action at the end of holiday-shortened week.
Former strong support at 110.00, now acts as solid barrier and should cap extended upticks.
Res: 109.22, 109.77, 110.00, 110.38
Sup: 108.72, 108.23, 108.00, 107.84
