Bears may accelerate on break of 2017 low
The Euro is consolidating within a tight range on Friday after a 1.3% drop previous day, as oversold daily studies warn of price adjustment, which is likely to be limited as overall bearish bias is intact.
The pair is on track for a weekly loss of approx. 1.5% that will mark the sixth straight week in red.
Thursday’s fall to new five-year low (1.0354) increased pressure on 2017 low at 1.0340, violation of which would spark fresh bearish acceleration below 1.0300 support.
Upticks should be ideally capped under 1.0463 (Fibo 38.2% of 1.0648/1.0354 bear-leg), while only break above daily Tenkan-sen (1.0497) would ease immediate bearish pressure.
Res: 1.0419; 1.0463; 1.0497; 1.0508
Sup: 1.0354; 1.0340; 1.0300; 1.0235