EUR/USD Outlook: Euro holds in red after dovish ECB but bears may pause for consolidation
|EUR/USD
The Euro remains in red and consolidating above new seven-week low on Friday, after being hit by dovish ECB.
Thursday’s 0.3% fall resulted in eventual break of key supports at 1.1079/70 (Fibo 61.8% of 1.0981/1.1239 / daily cloud base / trendline support) that ended multi-day congestion and generated strong bearish signal.
Fresh extension lower cracked Fibo support at 1.1041 (76.4%) but so far without close below that would open way towards psychological 1.10 support.
Daily techs remain in negative setup, but oversold stochastic warns that bears may pause.
Upbeat German PMI data had little impact upon release, but may add to signals of consolidation before bears resume.
Broken pivots at 1.1070/79 now mark solid resistances, which are expected to cap upticks and maintain bearish tone.
Res: 1.1061; 1.1070; 1.1079; 1.1090
Sup: 1.1036; 1.1000; 1.0981; 1.0926
Interested in EUR/USD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.