Bearish bias under daily cloud top / 10DMA
EURUSD is consolidating within a narrow range in early Monday trading, following 0.85% drop last Thu/Fri, on pullback from new multi-week high at 1.1012 (June 22).
Near-term action remains weighed by a bull-trap above 1.0983 Fibo barrier and strong rejection above psychological 1.10 resistance, with repeated close below 10DMA / daily cloud top (1.0907/05) seen as minimum requirement to keep fresh bears in play.
Close below cracked pivotal Fibo support at 1.0868 (38.2% of 1.0635/1.1012) is needed to confirm signal and open way for deeper pullback towards pivotal supports at 1.0823/05 (Fibo 50% / 20DMA / daily cloud base).
Conversely, returning and closing above 10DMA / cloud top, would ease downside pressure on formation of a bear-trap under 1.0868 Fibo support and add to scenario of healthy correction preceding fresh attack at 1.10 zone.
Markets did not show any significant reaction on turmoil in Russia over the weekend, though the Euro was pressured by fresh drop in German business morale in June.
Res: 1.0905; 1.0923; 1.0958; 1.1000
Sup: 1.0868; 1.0844; 1.0820; 1.0805