The Euro maintains bearish bias and probes again below already cracked Fibo 61.8% support at 1.0525, following four consecutive failures to close above 55SMA (currently at 1.0589).
Long upper shadows of daily candles of last Thu/Fri/Mon continue to weigh on the market, along with 10/55SMA bear cross. Eventual close below 1.0525 is needed to confirm bearish stance for attempts through fresh low of 22 Feb at 1.0492 and open way towards 1.0454 (Fibo 76.4% of 1.0339/1.0827 rally).
Yesterday’s daily cloud twist supports scenario, as cloud is widening (currently spanned between 1.0605 and 1.0616).
Falling daily Tenkan-sen offer initial resistance at 1.0562, with corrective upticks expected to ideally stay under the cloud.
Recent spike highs at 1.0630 zone that were left on strong upside rejections, mark another pivotal barrier, break above which would activate alternative scenario and neutralize immediate downside threats.
Daily Kijun-sen (currently at 1.0660) and lower tops at 1.0675 mark upper breakpoints.
Res: 1.0562, 1.0589, 1.0616, 1.0630
Sup: 1.0512, 1.0492, 1.0454, 1.0388
