Another bull-trap sparks fresh acceleration lower
The pair accelerates lower on Wednesday, as Tuesday’s Doji signaled recovery stall and bulls got trapped again on probe above falling 10DMA.
Fresh weakness pressure cracked pivotal support at 106.87 (Fibo 61.8% of 106.07/108.16), with firm break here to unmask key level at 106.07 (23 Jun low).
Daily momentum is breaking into negative territory and MA’s returned to full bearish configuration (10/20DMA’s are converging in attempt to form bear-cross), supporting the scenario.
Res: 107.11; 107.21; 107.30; 107.40
Sup: 106.87; 106.78; 106.56; 106.38