The Euro remains firmly in red and extends the bear leg from 1.1184 (Mar 31 high), hitting one-month low at 1.0864 in European trading on Thursday.
Wednesday’s close below pivotal Fibo support at 1.0895 (Fibo 76.4% 1.0806/1.1184) added to bearish signals, with repeated close below here to confirm signal and further weaken the structure and open way for full retracement of 1.0806/1.1184 recovery leg.
Oversold daily stochastic and 14-d momentum turning up, suggest bears may take a breather, with upticks to provide better levels to re-enter near-term downtrend.
Broken Fibo 61.8% level at 1.0950 offers solid resistance which should ideally cap and guard upper pivots at 1.10 zone (50% of 1.0806/1.1184/daily Kijun-sen), break of which would sideline bears.
Res: 1.0938; 1.0950; 1.1000; 1.1040.
Sup: 1.0864; 1.0848; 1.0806; 1.0766.
