Bears remain fully in play below parity
The Euro continues to move within a narrow range for the second straight day, with parity level marking solid resistance and so far limiting the action.
Tuesday’s massive bearish daily candle continues to weigh, along with bearishly aligned daily studies that keeps near-term focus shifted to the downside.
Fresh strength of the dollar on expectations that Fed could opt for even more aggressive action than widely expected 0.75% hike next week, continues to underpin the dollar and keep the single currency under pressure.
Watch the parity and daily Tenkan-sen (1.0031) as these mark initial barriers, which should cap upticks and keep bears intact, while break here would ease immediate downside risk and allow for stronger, but probably limited rebound.
Res: 1.0000; 1.0031; 1.0048; 1.0084
Sup: 0.9955; 0.9930; 0.9900; 0.9864