Bears extend to the lowest level since 2015
The cross extends steep bear-leg from 1.0727 (5 Feb lower high) through key support at 1.0631 (21 Feb 2017 low) and hit new multi-year low at 1.0609 (the lowest since Aug 2015).
Safe-haven Swiss franc remains well supported by growing uncertainty about coronavirus spreading that prompted investors into less riskier assets while the Euro remains under strong pressure from rising dollar and risk of ECB rate cut.
Daily studies are firmly bearish but deeply oversold that so far hasn’t impacted bears.
German Q4 GDP data release on Friday is in focus for fresh signals, with weaker than expected figures to increase pressure on Euro as well as raise expectations for rate cut.
On the other side, bears may pause if GDP data beat forecast.
Res: 1.0631; 1.0673; 1.0694; 1.0713
Sup: 1.0609; 1.0588; 1.0500; 1.0450