The pair extends steep fall into third consecutive day (so far down 2.1% since Monday’s opening) as traders sell dollar ahead of Fed policy decision.
Today’s weakness broke strong supports at 107.52/46 (30DMA / Fibo 61.8% of 105.98/109.85), with close below these levels to further weaken near-term structure and risk probe through 105.89 (Fibo 76.4%), the last significant obstacle on the way towards key near-term support at 105.98 (7 May low).
Daily studies turned to full bearish mode and add to negative outlook.
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Broken 20DMA (107.88) which caps today’s action, marks solid resistance and guards upper pivot at 108.42 (200DMA).
Res: 107.52; 107.88; 108.26; 108.42
Sup: 107.16; 106.89; 106.51; 105.98
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