Directionless mode extends but strong dollar weighs on single currency
The Euro holds in directionless mode for the fourth straight day, trading between Fibo support at 1.0831 (61.8% of 1.0635/1.1147) and 10DMA (1.0895).
Doji candles of Tue/Mon add to signals of indecision, but near-term action remains weighed by recent bull-trap and a cluster of daily MA’s which also created a multiple bear-crosses.
On the other side, rising momentum on daily chart continues to limit downside attempts which failed repeatedly to clearly break key Fibo support at 1.0831.
With strong dollar on safe-haven demand, euro’s near-term focus remains skewed lower, but break and close below 1.0831 pivot is needed to generate bearish signal for test of next key supports at 1.0768/56 (6 Apr low / Fibo 76.4%).
Res: 1.0873; 1.0895; 1.0917; 1.0953
Sup: 1.0844; 1.0831; 1.0811; 1.0768