The Euro dipped to new nine-week low at 1.1370, maintaining strong bearish bias and lacking stronger excitement as unchanged ECB was in line with expectations and balanced comments of President Mario Draghi offered nothing new. The single currency accelerated lower after recovery attempts were capped at initial barrier at 1.1432 (former base). There are no significant obstacles on the way towards targets at 1.1317 (200WMA) and 1.1300 (15 Aug low), which could be retested in coming sessions, as completion of asymmetric H&S pattern on daily chart adds to negative outlook. Meanwhile, bears may show hesitation on approach to 1.1301/00 targets as daily slow stochastic is oversold, but continues to point lower and for now lacking positive signals.
Res: 1.1422; 1.1432; 1.1476; 1.1488
Sup: 1.1370; 1.1335; 1.1317; 1.1300
