Near-term action to remain biased lower while recovery attempts are limited
The pair is trading within a range that extends into third straight day and moving around broken Fibo level at 107.69 (38.2% of 101.18/111.71).
Directionless near-term mode is supported by flat daily momentum and RSI, but a cluster of daily MA’s above the price (laying within 108.00/87 zone) weighs and keeps near-term bias with bears.
Repeated upside failure would add to signals that recent risk mode is fading that would increase bearish pressure for retest of pivotal 106.92 support (1 / 15 Apr double-bottom) loss of which would generate bearish signal on completion of daily failure swing pattern for extension of bear-leg from 111.71 (24 Mar high).
Alternative scenario would require break above 109.00/00 zone to neutralize bears.
Res: 108.00; 108.30; 108.60; 108.87
Sup: 107.46; 107.16; 106.92; 106.44