The Euro holds weak tone and extends bear-leg from 1.0638 (06 Mar high), to crack double-Fibonacci support at 1.0525/28 (Fibo 61.8% of 1.0339/1.0827 and Fibo 76.4% of 1.0493/1.0638).
Close below the latter is needed to confirm strong bearish stance that extends into fourth consecutive day and opens way towards key near-term support at 1.0493 (daily higher base).
Strong bearish tone on daily studies supports bears for full-retracement of 1.0493/1.0638 upleg and further weakness towards next target at 1.0454 (Fibo 76.4% of 1.0339/1.0827) on break.
Broken daily Tenkan-sen (currently in sideways mode at 1.0566) should ideally cap corrective upticks, as thickening daily cloud (1.0605/1.0653) continues to weigh).
ECB is expected to keep monetary policy on hold on today’s meeting, despite economic growth and inflation are picking up, as the central bank remains cautious ahead of high risk elections in Netherlands and France.
Res: 1.0546, 1.0566, 1.0579, 1.0605
Sup: 1.0524, 1.0493, 1.0454, 1.0388
