Near-term focus turns lower after recovery stalled under falling 20DMA
Fresh bearish extension on Tuesday after recovery was repeatedly rejected under falling 20DMA, retraced over 50% of 1.2015/1.2175 recovery phase and also probes below 10DMA (1.2099), close below which would signal an end of recovery phase and further weaken near-term structure.
Momentum, stochastic and RSI are turning south on daily chart and add to negative signals.
Bears need extension and close below 1.2076 (Fibo 61.8%) to confirm reversal and re-focus key 1.20 support zone, below which a number of stops are parked and violation can spark strong bearish acceleration.
Falling 20DMA (1.2168) and Fibo 38.2% of 1.2522/1.2015 / 6 Aug high (1.2208) mark pivotal barriers which are expect to keep the upside protected and keep bears firmly in play.
Res: 1.2114; 1.2138; 1.2168; 1.2208
Sup: 1.2076; 1.2044; 1.2015; 1.2000