Bears crack pivotal 1.1700 support zone, risk of stronger bearish acceleration on firm break

The Euro holds in red for the third straight day after failing to benefit from recent risk sentiment.
Fresh risk aversion on rising fears about the second wave of coronavirus and restrictions that governments plan to impose, pushed the single currency lower.
Dovish tones from the ECB add to negative factors that weigh on Euro, as bears pierced the upper boundary of strong 1.1741/1.1686 support zone, consisting of daily cloud top / 55DMA / lows or 7-week range / Fibo 38.2% of 1.1168/1.2011 ascend.
Firm break of these supports would generate strong signal for deeper correction of Mar/Aug 1.0635/1.2011 advance and risk acceleration towards 1.1485 (Fibo 38.2% of 1.0635/1.2011 / rising 20WMA).
Daily studies maintain strong bearish momentum and support scenario, with formation of bearish engulfing on monthly chart, reinforcing negative signals.

Res: 1.1730; 1.1741; 1.1772; 1.1815
Sup: 1.1700; 1.1686; 1.1637; 1.1586