Slobodan Drvenica
Windsor Brokers
The pair remains under strong pressure and holding firmly in red for the third straight day, following repeated upside rejection at daily cloud base earlier this week.
Today’s fresh bearish extension pressures key support at 0.9699 (02 Jan low) and threatening for break lower which would trigger extension of broader downtrend from 1.0038 (27 Oct high) towards next strong supports at 0.9656 (Fibo 61.8% of 0.9420/1.0038) and 0.9652 (weekly 200SMA).
Firm bearish setup of daily techs is supportive for further weakness, however, bears may show hesitation at 0.9699 support and enter consolidative phase before resuming.
Falling 10SMA (0.9757) is expected to ideally cap and keep intact next strong barrier at 0.9772, provided by 200SMA.
Res: 0.9757; 0.9772; 0.9788; 0.9812
Sup: 0.9699; 0.9652; 0.9600; 0.9565
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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