The major has started the week on a note, trades 0.22% lower on the day at 0.8881 at the time of writing.
Price action as slipped below daily cloud and is currently hovering around 78.6% Fib.
Break below eyes next major support at 88.6% Fib at 0.8836 ahead of 0.8825 ( ) and May 17 low at 0.8786.
supports downside in the pair. Our currency strength index also shows bearishness for the pair.
We see invalidation only on retrace above 200-DMA at 0.9039.
Support levels - 0.8861 (Jan 3 low), 0.8836 (88.6% Fib), 0.8825 ( support)
Resistance levels - 0.89, 0.8982 (5-DMA), 0.90, 0.9039 (200-DMA)
Good to stay short on upticks, SL: 0.8945, TP: 0.8860/ 0.8825/ 0.8790