The Euro remains in red on Tuesday, but the downside looks protected for now after Monday’s fall which faced strong downside rejection just above pivotal support at 1.1305 (Fibo 61.8% of 1.1234/1.1419).
Fresh weakness probes again below 20SMA (1.1331), keeping the downside under increased pressure, despite existing bullish momentum.
Stronger than expected releases of series of PMI data from EU countries may slow bears, but so far failed to provide more significant support.
Break and close below 1.1305 pivot would generate strong bearish signal and risk extension towards 1.1278 (Fibo 76.4%), while repeated daily close above 20SMA would ease existing bearish pressure, but bounce and close above 10SMA (1.1351) is needed to confirm.
Res: 1.1331, 1.1351, 1.1382, 1.1408
Sup: 1.1305, 1.1278, 1.1234, 1.1200
