The cross is holding within narrow range around magnetic converged 10/55/200DMA’s and Fibo 61.8% of 0.8281/0.9498 (0.8738/46) on Friday.
Near-term action shows indecision after two-day fall resulted in marginal close below abovementioned pivotal supports but failed to extend weakness.
Daily MA’s are in mixed setup, RSI is flat, but momentum is in the negative territory and stochastic heads south, lacking for now clearer direction signal.
Focus turns towards weekly close which is expected to generate bearish signal on close below converged MA’s and key Fibo support.
The notion could be supported by weekly candle which has small body and long upper shadow that is negative signal.
Caution on today’s close above 0.8738/46 that would signal a pause in four-week downtrend for extended consolidation between recent lows at 0.8680 zone and the base of thick daily cloud at 0.8890.
Res: 0.8775; 0.8800; 0.8839; 0.8863
Sup: 0.8712; 0.8683; 0.8624; 0.8600
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