The Euro remains directionless for the fifth day, ranging between 100SMA (1.0622) and daily Kijun-sen (1.0700) in consolidation phase of recent strong fall from 1.0905 (27 Mar high). Overall bearish bias keeps selling upticks strategy in play on existing risk of renewed attempts below 100 SMA and thinning daily cloud (currently spanned between 1.0611 and 1.0583) for resumption of near-term downtrend from 1.0905. On the other side, repeated failures to close below important support at 1.0650 (Fibo 61.8% of 1.0493/1.0905 ascend) require caution on continued signals of downtrend’s stall and basing attempts. Stronger reversal signals could be expected on firm break above 1.0700 that should sideline bearish strategies and look for further bullish signals on extension above next pivots at 1.0737 (Fibo 38.2% of 1.0905/1.0633 fall) and 1.0769 (daily Tenkan-sen) in extension.
Res: 1.0687, 1.0700, 1.0737, 1.0769
Sup: 1.0650, 1.0633, 1.0622, 1.0611
