The Euro remains under pressure on Friday and hit new five-week low on probe below Thursday’s low at 1.2218. Fresh extension lower looks for close below 1.2240/30 pivots (higher base/Fibo 76.4% of 1.2154/1.2476) after Thursday’s dip through failed, to open way towards strong support zone between 1.2165 and 1.2147 (daily cloud base/01 Mar trough/100SMA). Daily MA’s are in bullish configuration (10/20 & 10/30SMA bear cross was formed yesterday) and 14-d momentum heads south, deeply in negative territory, maintaining pressure. US jobs data are expected to generate fresh direction signal, with strong earning and NFP numbers to boost dollar and further depress the single currency. Bearish scenario requires close below daily cloud base (also near Fibo 38.2% of 1.1553/1.2555 ascend) to signal further retracement of the bull-leg from 1.1553 (07 Nov trough). On the other side, jobs data miss would provide relief and sideline immediate downside risk in favor of stronger recovery. Plethora of MA barriers lies between 1.2310 and 1.2337, with close above 30SMA (1.2337) needed to generate stronger bullish signal.
Res: 1.2259, 1.2290, 1.2310, 1.2337
Sup: 1.2215, 1.2165, 1.2147, 1.2100
