EURUSD – bears may extend further on break of 1.2226 pivot
The Euro remains in red on Thursday after strong fall the previous day, which generated bearish signal on close below 1.2300 pivot and further dented broader bulls.
Fresh extension lower pressures strong support at 1.2226 (daily Kijun-sen / double-Fibo support – 50% retracement of 1.1915/1.2537 / 38.2% of 1.1717/1.2537) and break here could trigger further bearish acceleration towards 1.2153 (Fibo 61.8% of 1.1915/1.2537) and 1.2089 (former high of 04 Jan).
Daily techs are turning to negative setup and gaining bearish momentum, which could further boost bears.
Former pivotal support at 1.2300 now marks initial resistance and caps today’s action, with bearish tone to remain in play while the price holds below 20SMA (2327).
Res: 1.2300; 1.2327; 1.2383; 1.2434
Sup: 1.2226; 1.2153; 1.2089; 1.2062