The Euro stands in red at the beginning of the week, pressured by political uncertainty in Germany.
The pair was down to one-week low at 1.1722 in Asia (dip was contained by 30 SMA) after opening on Monday below 55SMA (1.1789) which repeatedly limited last week’s upside attempts Fresh easing probed below pivotal supports at 1.1747/42 (100SMA/Fibo 38.2% of 1.1553/1.1859 upleg) but so far without clear break lower.
Bearishly aligned near-term studies and thickening daily cloud are continuing to weigh.
Close below Fibo support at 1.1742 will be initial bearish signal, with sustained break below 1.1706 (50% retracement of 1.1553/1.1859) needed to confirm.
On the other side, strong bullish signals were generated on double-bullish cross on daily chart (10/20SMA/Tenkan-sen/Kijun-sen) which may inflate the price and signal an end of corrective phase. Scenario needs close above 1.1800 for confirmation and fresh attack at daily cloud base (1.1812).
Res: 1.1796, 1.1812, 1.1859, 1.1877
Sup: 1.1742, 1.1722, 1.1706, 1.1670
