Bears extend despite positive German / EU data

The pair dips below 1.16 handle in extension of previous day’s strong fall, after brief consolidation in early Friday’s trading was capped by broken falling 10SMA (1.1651).
Fresh bears broke below 1.1594 (Fibo 76.4%) and pressure daily cloud top (1.1574) violation of which would lead towards full retracement of 1.1526/1.1815 upleg.
Daily momentum is about to break into negative territory and maintains bearish pressure, as daily cloud is thinning and will twist late next week, which could further attract bears.
Better than expected German labor data in Sep and higher inflation in the Eurozone provided no help to the single currency as Italian government decision to set higher than expected budget deficit for the next three years, brings Italy in collision with Brussels, offset positive impact from data.
Bears so far show no signs of fatigue, however, oversold slow stochastic warns of consolidative action in the near term.
Upticks are expected to provide better selling opportunities and should be capped at 1.1616/1.1636 zone (broken 55SMA / broken Fibo 61.8% of 1.1526/1.1815 bull-leg).

Res: 1.1616; 1.1636; 1.1651; 1.1670
Sup: 1.1574; 1.1565; 1.1526; 1.1497