Looking at the weekly chart, the strong upside resistance is visible. It is the 110 level. This level is an upside support and a key downside resistance. Keeping in mind overall USD weakness across the market this could prove as a real test for the pair.
On the daily chart, 200 SMA is being tested 110.300 level. The daily close below this level and below 110 level will lead the pair much lower with the only visible, but weak downside resistance at 108 level before extension into 102-104 zone.
As an addition, the pair is correlated with the US 10 Year Bond Yield which is now breaking below the 200 SMA 2.189 level. This is opening the further downside in the 10 Year Bond Yield which could lead to an extension into 1.700-1.800 Yield zone.
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