The pair holds in red for the third consecutive day and extends pullback from last Friday’s peak at 0.9977, where strong upside rejection occurred.
Failure ahead of parity level triggered fresh easing, with today’s extension lower returning below the top of thick daily cloud (0.9904), which marked initial and strong support.
Pullback is approaching next pivotal support at 0.9884 (Fibo 38.2% of 0.9734/0.9977 upleg) which lies above layers of supports provided by daily MA’s within 0.9874/0.9858 zone.
South-heading slow stochastic which reversed from overbought territory on daily chart, shows more room at the downside, with corrective dips expected to find ground at 0.9874 /58 area (10/20SMA bull-cross / 55SMA / 50% retracement of 0.9734/0.9977) to keep bullish structure on daily chart in play.
Conversely, sustained break here would signal lower top formation (0.9977) and risk extension towards 200SMA (0.9792).
Res: 0.9922; 0.9977; 1.0000; 1.0038
Sup: 0.9887; 0.9874; 0.9858; 0.9827