From a technical perspective, the 1.1200 handle coincides with 23.6% Fibo. level of the 1.1570-1.1107 downfall and should now act as a key pivotal point for the pair's near-term trajectory. Sustained weakness below the mentioned support will reinforce the recent bearish bias and turn the pair vulnerable to accelerate the slide further towards the 1.1130-25 intermediate support en-route yearly lows - closer to the 1.1100 round figure mark.
On the flip side, any meaningful up-move now seems to confront some fresh supply near 100-day SMA, currently near the 1.1260 region, above which the pair could extend the recovery but the up-move seems more likely to remain capped at the 1.1300 handle.
On the flip side, any meaningful up-move now seems to confront some fresh supply near 100-day SMA, currently near the 1.1260 region, above which the pair could extend the recovery but the up-move seems more likely to remain capped at the 1.1300 handle.
