Euro dips through key supports as German business climate hit the record low
The Euro holds in red for the fifth straight day and extends weakness on Friday after German data showed that business morale in EU’s largest economy crashed in April and hit its lowest in history.
Rising US dollar on strong safe-haven demand, caused by poor global economic data, contributes to Euro’s weakness.
Fresh bears broke through key supports at 1.0768/56 (6 Apr low / Fibo 76.4% of 1.0635/1.1147) with close below the latter to generate bearish signal for final push towards key support at 1.0635 (2020 low / the lowest since Apr 2017).
Falling daily MA’s formed a number of bear-crosses and maintain pressure, however, bears may show hesitation to resume on flat momentum and oversold stochastic.
Res: 1.0768; 1.0783; 1.0811; 1.0831
Sup: 1.0727; 1.0700; 1.0635; 1.0600