Negative bias after bull-trap
The pair holds in red in European trading on Friday and maintaining negative near-term bias after Mon/Tue bull-trap.
Rising bearish momentum and daily MA’s in negative setup, support scenario as fresh weakness repeatedly probed below pivotal support at 108.19 (61.8% of 107.81/108.80), clear break of which is needed to confirm lower top at 108.80.
Thick 4-hr cloud (108.28/87) maintains pressure and only lift above cloud top (also near Fibo 38.2% of 110.67/107.81) would neutralize bears.
Res: 108.33; 108.53; 108.80; 108.80
Sup: 108.16; 108.04; 107.81; 107.57