• The pair failed to capitalize on the post-NFP rebound and remained under some selling pressure for the second consecutive session on Monday, inching closer to YTD lows set last week.
• Oscillators on hourly/daily charts maintained their bearish bias and support prospects for an extension of the recent slide from 50% Fibonacci retracement level of the 0.6784-0.6580 downfall.
• A follow-through selling below the 0.6580 level will reaffirm the bearish bias and accelerate the slide further towards 61.8% Fibonacci expansion level support near the 0.6550 region.
• Alternatively, a sustained recovery beyond 23.6% Fibo. level might negate the bearish outlook and prompt some near-term short-covering move towards 0.6650-55 supply zone.
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