Deeper correction before final attack at 1.20 barrier is seen as likely scenario

The Euro edged lower in early European trading on Friday, turning focus again at key support zone between 1.1825 and 1.1811 (broken Fibo 61.8% / converging 10/20DMA’s) which contained downside attempts on Thursday.
Wednesday’s bearish engulfing continues to weigh and warn of deeper correction, despite Thursday’s positive close with long-tailed daily candle.
Bulls continue to focus big barrier at 1.20 but need stronger correction before final attack, with weekly close below 1.1825/11 pivots to generate a signal for such action.
Dips should find ground above key supports at 1.1739/11 (monthly cloud base / 12 Aug trough) to keep immediate bulls in play, but deeper pullback towards 1.1660 (Fibo 38.2% of 1.1168/1.1965) cannot be ruled out on stronger bearish acceleration.
Significantly lower than expected French and EU PMI’s and mixed figures from Germany could contribute to weak near-term tone.

Res: 1.1864; 1.1882; 1.1908; 1.1965
Sup: 1.1825; 1.1811; 1.1798; 1.1711