Bears are consolidating above 90 support zone before resuming towards 2021 low

Bears dented psychological 90 support on Monday but faced headwinds here that resulted in bullish close after strong bearish acceleration on Thu/Fri.
Disappointing US jobs data further eroded hopes for potential Fed’s policy review earlier than expected, with focus on Wednesday’s release of the US inflation report for April.
The US central bank argument that increased inflation pressures as transitory and delayed reaction could be risky, justifies their stance of prolonged ultra-loose policy.
Partial profit-taking after two-day 1.2% drop may keep bears on hold, with limited upticks to provide better opportunities to re-enter bearish market, as larger downtrend from 93.45 (2021 high) remains intact and generated fresh bearish signals on break of pivotal supports at 90.79 (61.8% of 89.15/93.45) and 90.37 (former low of Apr 29.
Daily chart shows moving averages in full bearish setup, with multiple bear-crosses, adding to bearish pressure, while momentum remains in negative territory for the past month, but oversold stochastic adds to signals of consolidation before bears resume.
Firm break of cracked pivotal supports at 90.16/00 (Fibo 76.4% of 89.15/93.45 / psychological) would expose initial target at 89.66 (Feb 25 spike low) and risk test of key support at 89.15 (2021 high posted on Jan 6).

Res: 90.37; 90.56; 90.79; 90.96
Sup: 90.16; 90.00; 89.66; 89.15