EURUSD – bears hold grip and likely to resume after a brief pause

EURUSD edged higher on Thursday morning as bears take a breather after the latest three-day bear leg which accelerated on Wednesday, resulting in 0.5% daily fall.

The Euro remains under increased pressure from growing expectations for more aggressive Fed’s stance on monetary policy, which was additionally boosted by much better than expected US flash PMI data for September.

Oversold daily studies likely prompted profit-taking, which so far showed very limited action and are unlikely to dent larger bears but rather to mark positioning for fresh push lower.

The pair rides on extended third wave of five-wave cycle from 1.1711 (Aug 28 top) that pressures its 200% Fibo expansion (1.1362) and nearby July 28 low (1.1353), guarding key support at 1.1324 (2026 low, posted on June 24).

Extended upticks should be capped under barriers at 1.1470/80 zone (broken Fibo 61.8% /daily cloud base / falling 10DMA) to keep bears intact and offer better levels to join larger downtrend.

Res: 1.1415; 1.1440; 1.1480; 1.1500
Sup: 1.1368; 1.1353; 1.1324; 1.1300