EURUSD stands at the back foot after heavy looses on Wednesday, risks bearish extension towards key support at 1.2241
The Euro traded within 30-pips range on in Asia / early Europe on Thursday, consolidating after previous day’s strong fall.
Extension of pullback from 1.2476 (Tuesday’s peak) found footstep at 1.2300 (Fibo 76.4% of 1.2241/1.2476 upleg) but generated strong bearish signal on close below pivots at 1.2370 (daily cloud top) and 1.2331 (Fibo 61.8% / converged 10/55SMA’s) which now act as resistance and keeps recovery attempts limited.
Daily techs are turning in bearish mode as MA’s are in bearish setup and 14-d momentum is holding at the border of negative territory.
Bears could extend towards key support at 1.2241 (20/21 Mar double-top) while 1.2331 barrier holds.
Better than expected German jobs data (Mar unemployment change -19K vs -15K f/c and unemployment rate 5.3% from 5.4 in Feb) did not show significant impact.
Res: 1.2331; 1.2359; 1.2370; 1.2421
Sup: 1.2295; 1.2260; 1.2241; 1.2200