Bears extend to the lowest since mid-March, pressure key Fibo support
The pair is down 0.7% since opening on Monday and extending steep fall into third day, driven by fresh strong safe-haven demand and further fall of the dollar.
Fresh weakness pressures key Fibo support at 105.20 (61.8% of 101.18/111.71 March recovery rally), with firm break here to generate negative signal and expose targets at 104.78 / 103.98 (Fibo 161.8% / 200% projections of bear-leg from 108.16 and 103.66 (Fibo 76.4% of 103.18/111.71).
Bearish daily techs support the action, however, oversold conditions should be considered.
Res: 105.57; 106.07; 106.39; 106.68
Sup: 105.20; 104.78; 104.47; 103.98