Despite Monday's rally from 111.92 to 112.84, the subsequent failure in the Asian session today at 112.82 followed by a drop below 5-DMA of 112.63 suggests the bears remain in control...more so as the falling trend line drawn from Feb 15 high and Feb 22 high has remained intact. The spot could test 100-DMA support of 111.61. On the higher side, only a daily close above 112.82 would signal bearish invalidation.
