EUR/USD : Fresh weakness focuses key Fibo support at 1.2064

Slobodan Drvenica Windsor Brokers

EUR/USD

Bears regained control, pushing the Euro to new one-month low (1.2110), signaling bearish continuation after pullback from 2021 high (1.2349) was congested in past three days.
Fresh weakness cracked lower 20-d Bollinger band (1.2117) and increase risk of further weakness and test of key Fibo support at 1.2064 (38.2% of 1.1602/1.2349 rally).
Today’s close below congestion low at 1.2132 would add to negative signals, as daily studies weakened (10/20/30DMA’s turned to bearish setup and negative momentum is rising) and maintain fresh downside pressure.
Violation of 1.2064 pivot would open way for deeper pullback and expose psychological 1.20 support and top of rising and thickening daily cloud at 1.1965.
Broken Fibo support at 1.2173 (23.6% of 1.1602/1.2349) reverted to significant resistance (reinforced by falling 5DMA) which should cap upticks and keep fresh bearish bias.

Res: 1.2173; 1.2188; 1.2222; 1.2250
Sup: 1.2110; 1.2064; 1.2000; 1.1965

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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