US Dollar falls on softer economic data; more pain ahead? 15.04
The pair continues to find some buying interest at an ascending trend-line, currently near 1.0600 handle. The trend-line support extends from yearly lows through early March lows and remains an immedaite strong support to defend.
Hence, a decisive break below the said support would confirm a bearish break down and turn the pair vulnerable to extend its bearish slide towards the key 1.0500 psychological mark, with some intermediate support near 1.0555 level representing 61.8% Fibonacci retracement level of 1.0341-1.0905 up-move.
Conversely, a follow through recovery beyond 1.0625-30 confluence resistance, comprising of 100-day SMA and 50% Fibonacci retracement level, could lift the pair back towards 1.0675-80 zone strong hurdle. A decisive move beyond this important barrier might negate near-term bearish bias and lift the pair beyond the 1.0700 handle towards testing 1.0730-35 intermedaite resistance ahead of 23.6% Fibonacci retracement level near the 1.0770 region.
Hence, a decisive break below the said support would confirm a bearish break down and turn the pair vulnerable to extend its bearish slide towards the key 1.0500 psychological mark, with some intermediate support near 1.0555 level representing 61.8% Fibonacci retracement level of 1.0341-1.0905 up-move.
Conversely, a follow through recovery beyond 1.0625-30 confluence resistance, comprising of 100-day SMA and 50% Fibonacci retracement level, could lift the pair back towards 1.0675-80 zone strong hurdle. A decisive move beyond this important barrier might negate near-term bearish bias and lift the pair beyond the 1.0700 handle towards testing 1.0730-35 intermedaite resistance ahead of 23.6% Fibonacci retracement level near the 1.0770 region.