The pair consolidates after the biggest one-day fall since early Jan on Thursday.
Strong risk-off mode on growing concerns about global growth and fall in oil prices keep the dollar under pressure, with no positive impact from less dovish than expected Fed.
Strong bearish acceleration on Thursday was contained by key supports at 110.90/76 zone (200SMA/Fibo 38.2% of 104.63/114.54 ascend), where bears may take a breather on oversold daily studies and profit-taking after 1% fall on Thursday.
The pair is on track for the biggest weekly fall since early Feb, which could add to negative outlook.
Corrective upticks should be capped under 112.00/20 zone to keep bearish bias for renewed attack at 200SMA/Fibo pivotal supports, clear break of which would risk extension towards psychological 110.00 support at 109.77 (21 Aug trough).
Res: 111.45, 112.04, 112.20, 112.46
Sup: 110.90, 110.76, 110.00, 109.77
Written by Admin
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