EURUSD – recovery likely to stall under the base of thick daily cloud

Recovery leg from 1.0723 double bottom (Feb 5/6) started to face increased headwinds on approach to daily Tenkan-sen (1.0810), with the base of thick daily cloud (spanned between 1.0828 and 1.0969) laying just above and adding pressure.

Initial signals of recovery stall are developing on daily chart as technical studies remain bearish (daily Tenkan / Kijun-sen are in bearish setup / 14-d momentum indicator remains in negative territory and 20/200 DMA death-cross is forming) suggesting selling upticks under cloud base for fresh attempt at 1.0712 Fibo support (61.8% of 1.0448/1.1139 ascend), violation of which to spark deeper drop towards 1.0600 zone.

Daily Kijun-sen (1.0860) marks an upper pivot, break of which to neutralize shorts.

Res: 1.0810; 1.0828; 1.0860; 1.0881
Sup: 1.0741; 1.0723; 1.0712; 1.0660