Near-term action is highly volatile but remains biased lower
The Euro moved within a 170-pips range in a highly volatile Asian trading, spiking to one-week high (1.1771) and subsequently falling to a multi-week low (1.1602).
News-driven action remains capped by daily cloud, keeping the overall bias negative.
Key supports at 1.1600 zone (former low of 25 Sep at 1.1612 and 50% retracement of 1.1168/1.2011 at 1.1590) still hold, but remain under strong pressure.
Daily techs support the notion as momentum is negative and moving averages are in bearish setup.
Clear break of 1.1600 zone would spark stronger bearish acceleration and expose key Fibo support at 1.1485 (38.2% of 1.0635/1.2011).
Alternatively, lift and close above 1.1780/1.1800 pivotal zone would sideline bears.
Res: 1.1708; 1.1716; 1.1741; 1.1781
Sup: 1.1623; 1.1602; 1.1590; 1.1548