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
- R3 1.1171
- R2 1.114
- R1 1.1098
- PP 1.1067
- S1 1.1025
- S2 1.0994
- S3 1.0952
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.