Close below cracked 107.65 pivot to spark further weakness
The pair remains in red for the second straight day and extends weakness from 108.50 zone (double upside failure where the action was capped by falling 30SMA).
Fresh bears cracked pivotal support at 107.65 (50% retracement of 106.78/108.53 / 10SMA), but require daily close below to confirm reversal and spark fresh acceleration lower and test of next pivot at 107.45 (Fibo 61.8%).
Tuesday’s bearish outside day was negative signal, supported by rising bearish momentum and south-heading stochastic / RSI.
Broken 5 SMA caps today’s action (107.92) and marks initial resistance ahead of pivotal falling 20SMA (108.02), close above which would sideline bears.
Res: 107.92; 108.02; 108.34; 108.53
Sup: 107.53; 107.45; 107.19; 107.10