EUR/USD outlook: Bears tighten grip and crack pivotal supports

Slobodan Drvenica Windsor Brokers

Bears returned fully to game on Monday after Friday’s brief pause on Fed Powell’s remarks, pushing the Euro to the lowest in three weeks.

The pair slid over 0.5% until mid-US session and cracked pivotal support at 1.0818 (200DMA), looking for a bearish signal on firm break, which will be confirmed on extension and close below nearby Fibo support at 1.0799 (38.2% of 1.0448/1.1017).

Loss of these supports will add to signals of reversal pattern which is forming on daily chart and open way for deeper drop through 100DMA (1.0778) towards 1.0737 (50% retracement and 1.0700 (round-figure).

Negative momentum is strengthening on daily chart and supports the action, however, MA’s are in mixed setup and oversold stochastic warns that bears may take a breather soon.

Limited upticks should provide better levels to re-enter bearish market, with 20DMA (1.0846) offering initial resistance and broken Fibo 23.6% (1.0882) to cap and keep bears in play.

Res: 1.0818; 1.0846; 1.0882; 1.0912

Sup: 1.0799; 1.0778; 1.0737; 1.0700

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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