The Euro bounced in Asia after extension of two-day downleg from 1.0708 lower top found footstep at 1.0606 (55SMA) that so far holds. Overall picture remains bearish and favors fresh weakness after correction. Break below initial supports at 1.0606/1.0583 (55SMA / 50% of 1.0339/1.0827) would expose daily cloud base (1.0550) and Fibo 61.8% support at 1.0525 Broken Kijun-sen (1.0641) that now acts as initial resistance is under pressure, with upticks expected to be ideally capped under 1.0665 (Friday’s high/falling 5SMA). Upper pivot lies at 1.0707 (20 SMA) and only firm break here would neutralize near-term bears.
Res: 1.0665, 1.0707, 1.0755, 1.0775
Sup: 1.0603, 1.0583, 1.0550, 1.0525
