Bears are on track for retest of 2022 low
The Euro resumes strong fall of past two days and pressuring parity level in early Monday trading, following 2.1% drop last week.
Growing negative sentiment on continuous weak economic data from the EU that prompts traders into safety of US dollar, strongly weigh on the single currency.
Bears are on track for another probe through parity level and retest of 2022 low at 0.9952 (July 14), where previous attempt was strongly rejected.
Fully bearish weekly studies support the notion, though oversold daily techs suggest that bears may face headwinds on approach to key support and pause the downtrend for consolidation.
Upticks should stay under 1.01 zone and expected to provide better selling opportunities for push through 0.9952 pivot that would unmask Sep 2002 low at 0.9607.
Res: 1.0050; 1.0100; 1.0160; 1.0184
Sup: 1.0000; 0.9952; 0.9900; 0.9853