Bears may extend to 1.12 zone on firm break below daily cloud top/100SMA
The Euro is consolidating around key supports on Friday, after two-day fall closed marginally below daily cloud top (1.1279) and found footstep at 100SMA (1.1270).
Fresh bears emerged after double upside rejection just under 200SMA (the Action was capped by weekly Kijun-sen) and threaten of further weakness.
Scenario needs confirmation on close below cloud top / 100SMA and break through Fibo support at 1.1259 (38.2% of 1.1116/1.1347) to open way towards a cluster of daily MA’s (20/55/30SMA) at 1.1221/13 zone and Fib 61.8% support at 1.1204).
Bear-trendline, reinforced by 5SMA (1.1294) marks solid resistance which is expected to cap consolidation and maintain bearish bias.
Res: 1.1279; 1.1294; 1.1303; 1.1347
Sup: 1.1259; 1.1231; 1.1213; 1.1204