Fresh weakness emerges after bulls were trapped above 10SMA
The pair dips on fresh risk-off mode on US/China trade war fears, after bulls were trapped on repeated failure above falling 10SMA.
Fresh weakness marked over 50% retracement of 107.81/108.80 recovery leg and broke below 5SMA (108.35), as falling 10SMA continues to track larger bears and caps upside attempts.
Daily studies remain in full bearish mode and maintain pressure, with daily close below 5SMA seen as initial negative signal, confirmation of which requires close below 108.19 (Fibo 61.8% of 107.81/108.80) to expose key support at 107.81 (5 June low).
Only lift and close above falling 10SMA would sideline bears and generate initial signal of recovery extension.
Res: 108.35; 108.43; 108.80; 109.12
Sup: 108.19; 108.02; 107.81; 107.57