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EURUSD – limited correction to precede fresh weakness

The Euro was slightly higher on Monday morning, underpinned by fresh risk appetite but gains were so far limited.

Steady downtrend in past six weeks may take a breather for a partial profit-taking as studies are oversold, though prevailing tone is still bearish and helped by downbeat recent EU economic data and hawkish Fed.

Friday’s failure to close below pivotal supports at 1.0802/1.0786 (200DMA / Fibo 76.4% of 1.0635/1.1275) and daily Doji candle, could be seen as initial signal that larger bears are running out of steam.

However, such scenario requires more action to be verified, with initial signal expected on close above 10DMA (1.0853) and broken Fibo 61.8% (1.0879) and lift above 100DMA (1.0926) to generate reversal signal.

Otherwise, limited upticks are likely to provide better selling opportunities for renewed attack at 1.0802/1.0786 pivots, clear break of which would reinforce bearish stance and risk acceleration towards 1.0700 (psychological) and 1.0635 (May 31 low).

Res: 1.0841; 1.0853; 1.0879; 1.0908
Sup: 1.0786; 1.0766; 1.0700; 1.0667