EURUSD remains biased lower; n/t consolidation to precede final push to 10820 target
|Overall bears remain in play and keep bias at the downside, with March troughs at 1.0820 being in near-term focus, as two long bearish candles of last week weigh on the outlook.
Near-term price action is consolidating above fresh low at 1.0858, where the pair found temporary footstep. The action was signaled by Monday’s long-legged Doji candle. Consolidation is so far holding within narrow range, capped under round-figure 1.0900 barrier (also Fibo 23.6% of 1.1038/1.0858 downleg). Extended upticks above 1.0900 cannot be ruled out, with next good resistance at 1.0926 (Fibo 38.2%) and 1.0957 (falling daily Tenkan-sen line), below which extended bounces should be capped.
Any extension above the latter would sideline immediate bears for extended correction. Upper breakpoints lay at 1.1038 (20 Oct post ECB spike high) and 1.1068 (daily Kijun-sen line).
Res: 1.0909; 1.0926; 1.0957; 1.1018
Sup: 1.0858; 1.0820; 1.0800; 1.0775
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