The Euro is softer on Friday following double upside rejection at 1.0950 and two consecutive days in red but is still holding above strong support at 1.0834, provided by 200SMA. Near-term risk is shifted lower after dovish ECB on Thursday and reversal of slow stochastic from overbought zone on daily chart. Focus is on 1.0834/19 pivots (200SMA/low of the week, reinforced by weekly Kijun-sen) as well as 1.0804 (Fibo 38.2% of 1.0568/1.0950 rally), violation of which is expected to generate strong bearish signal. Alternatively, the pair may hold in extended congestion while 200SMA support stays intact. Release of US GDP data due later today may give more clues about pair’s near-term direction.
Res: 1.0900, 1.0935, 1.0950, 1.1000
Sup: 1.0855, 1.0834, 1.0819, 1.0804
