Bears crack key support zone on fresh acceleration after upbeat US data
The Euro cracked psychological 1.10 support and pressures other key supports at 1.0993 (Fibo 61.8% of 1.0878/1.1179) and 1.0989 (Nov low) on fresh acceleration lower after better than expected US data.
US GDP data showed that economy grew at faster than expected pace in Q3 (2.1% vs 1.9% f/c); jobless claims fell 10K (213K vs 223K f/c) and durables (Oct 0.6% vs -0.5% f/c), adding to dollar’s positive tone, boosted by fresh optimism in US/China trade talks.
Bears look for close below 1.1000/1.0989 zone that would generate strong bearish signal for continuation of the downtrend from 1.1179/75 double-top.
Broken bull-trendline, drawn from 1.0878 low (currently at 1.1023 and reinforced by falling 5DMA) now acts as solid resistance which should ideally cap.
Res: 1.1023; 1.1040; 1.1054; 1.1064
Sup: 1.0989; 1.0949; 1.0940; 1.0903