Bearish bias remains intact while 200DMA caps consolidation
The pair holds in sideways mode for the fourth straight day, congested between psychological 14.00 level and 200DMA (14.22).
Larger bears show signs of stall on approach to round-figure support, but anticipated bounce on profit-taking so far did not materialize.
Four consecutive upside rejections on approach to pivotal 200DMA barrier (reinforced by formation of 10/200DMA death-cross) which left three consecutive daily candles with long upper shadows, suggest that the upside is protected and near-term focus remains at the downside.
Strong negative momentum and multiple bear-crosses of daily MA’s maintain scenario for renewed attack at 14.00 handle and 13.97 (Fibo 61.8% of 13.23/15.17 ascend), break of which would open key support at 13.86 (11 Apr trough).
Extended consolidation under 200DMA may precede fresh downside, while sustained break above the moving average would sideline immediate downside risk and open way for further positioning of larger bears.
Res: 14.22; 14.26; 14.32; 14.40
Sup: 14.03; 14.00; 13.97; 13.92