The Euro is holding in red in early Wednesday and probing again through Fibo support at 1.0683 (23.6% of 1.0349/1.0786 upleg).
Fresh bears emerged after recovery was rejected at pivotal Fibo resistance at 1.0787 (38.2% of 1.1494/1.0349) while falling daily cloud and weakening daily studies reinforce negative near-term stance.
Clear break of 1.0683 would open way for attack at key levels at 1.0630/20 zone (June 1 low/Fibo 38.2% of 1.0349/1.0786), break of which would generate stronger bearish signal on violation of pivotal Fibo support and completion of failure swing pattern on daily chart.
Weaker than expected German industrial production data added to bearish outlook, while traders await Eurozone Q1 GDP and the event of the week – ECB policy meeting on Thursday, which are expected to provide clearer direction signals for the single currency.
Res: 1.0714; 1.0728; 1.0751; 1.0786.
Sup: 1.0652; 1.0620; 1.0600; 1.0568.
