The Euro broke easily through 1.1553 support (07 Nov trough) and spiked to new ten-month low at 1.1509 on strong bearish acceleration from European session high at 1.1639. Bearish sentiment is fueled by political uncertainty in Italy and fears in another EU banking crisis, keeping the single currency under increased pressure. Eventual break through psychological 1.15 support would risk extension towards 1.1447 (50% retracement of 1.0340/1.2555 Jan 2017 – Feb 2018 ascend). Daily close below cracked 1.1553 pivot is needed to generate next signal for bearish continuation. Meanwhile, profit-taking ahead of strong option support at 1.15 could delay bears, with broken weekly cloud top (1.1681) expected to cap extended upticks.
Res: 1.1656, 1.1681, 1.1722, 1.1750
Sup: 1.1500, 1.1447, 1.1402, 1.1370
