The dollar is consolidating on Monday after 0.5% drop on Friday, but remains in red, weighed down by Friday’s big bearish daily candle and close below the base of ascending daily cloud.
Additional bearish signal has been generated on weekly chart as continuous descend in past three weeks formed a three black crows pattern.
Repeated daily close below cloud would add to downside risk, with close below cracked Fibo pivot at 90.79 (61.8% of 89.15/93.45) needed to confirm bearish stance and open way for test of psychological 90 support.
Daily studies suggest that bears may take a breather before resuming, with consolidation to be ideally capped by cloud base / 100DMA (91.05) and extended upticks not to exceed falling 10DMA (91.28) to keep bears intact.
Res: 91.05; 91.28; 91.48; 91.79
Sup: 90.79; 90.63; 90.16; 90.00