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EURUSD – bears may take a breather before larger downtrend resumes

EURUSD hit new multi-month low early Wednesday and showing scope for further weakness after break of pivotal Fibo support at 1.0611 (38.2% of 0.9535/1.1275) generated fresh bearish signal.

Bears cracked next strong support at 1.0553 (top of thickening weekly cloud) and may pause here, as daily studies are oversold.

Overall bearish daily studies reinforce negative near term outlook and suggest limited consolidation before fresh push lower, as the pair is in a steep downtrend for the eleventh consecutive week and all pauses were so far brief.

Broken Fibo support (1.0611), former low of Sep 14 (1.0631) and falling 10DMA (1.0636) should serve as solid resistances and cap upticks to keep bears intact and provide better levels to re-enter larger bearish market for extension through weekly cloud top towards a higher base at 1.0520 zone (Feb/Mar) and 50% retracement of 0.9535/1.1275 at 1.0405.

Caution on break above 10DMA, though larger bias expected to remain with bears while the action stays below 1.0700 zone (psychological / falling 20DMA).

Res: 1.0611; 1.0636; 1.0673; 1.0700
Sup: 1.0553; 1.0516; 1.0483; 1.0405