Bears hold grip but likely to stay on hold, awaiting US inflation data

The Euro keeps negative tone at the start of the week following 0.55% drop on Friday, which resulted in a marginal close below 55DMA (1.0686) and Fibo 23.6% of 0.9535/1.1032 (1.0679), on probe through the floor of four-day consolidation range
The second consecutive bearish weekly close after a bull-trap above weekly cloud top (1.0930) adds to bearish signals.
Repeated close below 55DMA is needed to maintain bearish bias for further weakness and test of strong support at 1.0611, provided by the top of rising thick daily cloud.
Bears may face headwinds on approach to this support as daily RSI turned sideways and stochastic is oversold.
On the other hand, strengthening negative momentum keeps overall structure bearishly aligned, suggesting that upticks should provide better selling opportunities while the action is capped by converged 10/30DMA’s (1.0780) in attempts to form a bear-cross.
Monday’s action may remain in a quiet mode, as today’s calendar is empty, but also as traders stay on hold, awaiting  release of Eurozone Q4 GDP and a key release, US Jan inflation data on Tuesday, which are expected to provide stronger direction signals.

Res: 1.0752; 1.0780; 1.0817; 1.0843
Sup: 1.0655; 1.0611; 1.0483; 1.0460