The Euro holding around daily cloud base (currently at 1.0557), after yesterday’s break lower that extended below psychological 1.0500 support, but failed to close below daily cloud.
Daily close below pivotal supports at 1.0557/1.0525 (cloud base/Fibo 61.8% of 1.0339/1.0827) is needed to signal bearish continuation towards next target at 1.0454 (Fibo 76.4% /11 Jan spike low) that would expose key support at 1.0339 (03 Jan low, the lowest since 2003).
Firm bearish setup of daily studies is supportive, with former strong support, now resistance at 1.0590 (55SMA) reinforced by falling 10SMA that is attempting to form bearish cross, expected to cap corrective attempts.
Break back above 1.0600 pivot would sideline immediate bears and signal stronger bounce that would risk attack at upper breakpoints at 1.0660/75 (20SMA/former double upside rejection).
Res: 1.0572, 1.0590, 1.0631, 1.0660
Sup: 1.0525, 1.0492, 1.0454, 1.0400
