The pair slumped on Wednesday as the greenback came under increased pressure. Fresh weakness after consolidation phase in previous few sessions extends into second day and probes below 0.9500 support, last traded in early Sep 2017.
Larger downtrend from 1.0037 (01 Nov high) is currently riding on the third wave and eyes its 161.8% Fibonacci expansion at 0.9472. The wave can travel further down for test of key med-term supports at 0.9438/20 (21 July / 08 Sep double-bottom).
Break here will be strong bearish signal for extension of downtrend from 1.0343 which would also confirm weekly double-top at 1.0325 (Nov 2015) and 1.0343 (Dec 2016) peaks.
Meanwhile, bears could show stronger signs of hesitation on approach to key 0.9438/20 supports, but firm bearish setup favors limited upside before bears resume.
Falling 10 SMA (currently at 0.9621) should limit corrective upticks.

Res: 0.9554; 0.9621; 0.9666; 0.9704
Sup: 0.9482; 0.9438; 0.9420; 0.9362