Weak EU inflation figures would add to negative near-term outlook

The Euro is standing at the back foot in early European trading ahead of EU inflation data.
Thursday’s close in red after upside rejection and signal of bull-trap above falling 10DMA, weighs on near-term action, along with bearish daily techs (momentum remains deeply in the negative territory and MA’s are in bearish configuration).
Forecasts for soft June inflation figures add to negative near-term tone, threatening of full retracement of short-recovery (1.1772/1.1850) that would keep in play risk of testing key support at 1.1704 (2021 low, posted on Mar 31).
Falling 10DMA (1.1827) marks solid barrier, which is expected to cap and keep near-term bias with bears.
Only lift and close above 20DMA (1.1866) would sideline bears and shift focus higher.

Res: 1.1819; 1.1828; 1.1850; 1.1866
Sup: 1.1781; 1.1772; 1.1737; 1.1704