The Euro faced headwinds on approach to key 1.1709 support (Fibo 38.2% 1.0340/1.2555 rally) but recovery action was limited.
Conflicting indicators on daily chart (oversold RSI & slow stochastic are both in sideways mode while 14-d momentum heads north) were so far unable to generate stronger bullish signal.
Bounce from new multi-month low at 1.1716 showed signs of stall just ahead of initial resistance at 1.1782 (Fibo 23.6% of 1.1996/1.1716 bear-leg), keeping intact more significant barriers at 1.1822 (former low of 09 May / Fibo 38.2%) and falling 10 SMA (1.1845), as the latter was expected to cap extended upticks.
The pair may hold in extended consolidation before larger bears of 1.2555 peak continue, as violation of key supports at 1.1709 and 1.1675 (weekly cloud top) would spark stronger bearish acceleration.
Alternative scenario requires close above 10SMA to sideline bears and signal stronger recovery.
Res: 1.1782; 1.1822; 1.1845; 1.1889
Sup: 1.1716; 1.1709; 1.1675; 1.1662
