EUR/USD Outlook: bears are taking a breather above key support but bias remains negative
|EUR/USD
The Euro is consolidating above key supports at 1.1079/72 (Fibo 61.8% of 1.0981/1.1239 / daily cloud top) but remains biased lower following upside rejection last Thursday (bull trap) and strong fall on Friday.
Rising bearish momentum on daily chart supports further weakness as Friday’s large bearish daily candle weighs heavily.
Firm break below 1.1079/72 pivots is needed to complete failure swing pattern on daily chart and spark fresh bearish acceleration through 1.1065 (trendline support / 100DMA) and 1.1041 (Fibo 76.4%).
Caution on failure to clear 1.1079/72 supports that may keep bears on hold in extended consolidation.
Broken 200DMA (1.1135) marks key barrier and only break here would neutralize and signal formation of double-bottom pattern.
Res: 1.1102; 1.1127; 1.1135; 1.1172
Sup: 1.1079; 1.1072; 1.1065; 1.1041
Interested in EUR/USD technicals? Check out the key levels
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