The downward structure remained unchanged on Thursday. The price bounced from its lower limit and partly reversed its recent losses during the Asian session. The upward impetus faded at 110.00 when sellers regained control. They returned the spot below 110.00 and headed towards 109.50. The resistance lies at 110.00, the support comes in at 109.00.
The US dollar is likely to remain under pressure. We await a break below 109.50 and a further decline to 109.00.