The Euro extends weakness into second day, pressured by renewed risk aversion that inflated dollar. Fresh bears were boosted by formation of bull-trap above 55DMA as recovery was repeatedly rejected and failed to clearly break higher. Rising negative momentum on daily chart, with MA’s back to full bearish setup, maintain pressure for retest of 1.0852 pivot (Fibo 61.8% of 1.0768/1.0990), break of which would risk further weakness and retest of key near-term support at 1.0768 (6 Apr low). Close below broken support at 1.0905 (Fibo 38.2%) is needed to confirm bearish stance.
Res: 1.0888, 1.0911, 1.0937, 1.0967
Sup: 1.0852, 1.0820, 1.0800, 1.0768
