EURUSD holds in narrowing consolidation around 1.18 handle
|The Euro trades within narrowing consolidation above new five-month low at 1.1763 and moving around 1.18 handle in early Friday’s trading.
Mixed signals from momentum and MA’s and oversold slow stochastic signal further consolidation.
Focus turns on EU trade data as German PPI and EU C/A, released earlier did not provide firmer signal.
Overall structure is bearish and keeps the downside at risk. Break below 1.1763 would expose strong supports at 1.1709 (Fibo 38.2% of 1.0340/1.2555) and 1.1675 (top of thick weekly Ichimoku cloud).
Extended upticks should stay capped by falling 10SMA (1.1866) to keep bearish bias intact.
Res: 1.1837; 1.1854; 1.1866; 1.1879
Sup: 1.1789; 1.1776; 1.1763; 1.1709
Interested in EURUSD technicals? Check out the key levels
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