The Euro is still holding above strong 100SMA support (1.0622) but bias is bearish after yesterday’s eventual close below 1.0650 (Fibo 61.8% of 1.0493/1.0905 ascend) that generated bearish signal.
The pair is trading within narrow range in early Friday (1.0636/58) ahead of US NFP data (176K f/c vs 235K in Feb) which is expected to signal fresh direction.
Near-term studies are firmly bearish, while dailies give mixed signals.
Pivotal generated bearish signal. points lay at 1.0622/11 (100SMA/daily cloud top) at the downside and 1.0700 (daily Kijun-sen) at the upside and sustained break on either side will give firmer direction signals.
Res: 1.0658, 1.0687, 1.0700, 1.0733
Sup: 1.0627, 1.0622, 1.0611, 1.0583
