Directionless consolidation above new low extends; overall picture remains bearish
Tuesday’s advance reverses the largest part of previous day’s fall but the pair remains within one-week range above new multi-month low (0.8521) and so far without clear direction signal.
Consolidation may extend on conflicting momentum (negative) and RSI (climbing), but bias is expected to remain with bears as long as daily Kijun-sen (0.8598) caps.
Overall picture is bearish with formation of 10/200WMA death-cross, adding to negative outlook.
Break of 0.8521 pivot would open supports at 0.8489/71 (6 May / 13 Mar lows) and unmask next key level at 0.8407 (Fibo 38.2% of 0.6924/0.9324 ascend).
Alternatively, lift above daily Kijun-sen would ease immediate downside risk, but stronger bullish signal could be expected only on lift above 0.8672 (200WMA).
Res: 0.8584; 0.8598; 0.8611; 0.8657
Sup: 0.8521; 0.8489; 0.8471; 0.8407