EUR/USD outlook: Bears probe through key support zone
|EUR/USD
The Euro holds in red for the third consecutive day and accelerates lower in early Thursday, cracking pivotal supports at 1.0800/1.0790 zone (former higher base / Fibo 61.8% of 1.0695/1.0981 / base of thick daily Ichimoku cloud).
Technical picture is firmly bearish on daily chart (rising negative momentum / Tenkan / Kijun-sen bear-cross) and maintains pressure, with close below cloud base to confirm negative signal and open way for continuation of the downtrend from 1.0981 (Mar 8 top).
Fibo level at 1.0762 (76.4% of 1.0695/1.0981) marks initial target and the sole obstacle en-route towards key short-term support at 1.0695 (2024 low, posted on Feb 14).
Near-term bias is expected to remain with bears while the price stays below broken 200DMA (1.0835) which reverted to solid resistance.
Res: 1.0804; 1.0835; 1.0850; 1.0875.
Sup: 1.0762; 1.0732; 1.0695; 1.0611.
Interested in EUR/USD technicals? Check out the key levels
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