Fresh bearish acceleration pressures key 200WMA support

The Euro slumped in early US trading on Tuesday, as dollar rose on better than expected US PPI data (Nov core PPI m/m 0.3% vs 0.1% f/c; y/y 2.7% vs 2.5% f/c).
News that Italian government is not planning a major changes to the budget, which could cause further clashes with the EU, added to the negative outlook.
Fresh bearish acceleration after upside attempts stalled on approach to 1.1400 barrier, pressures key support at 1.1312 (200WMA), violation of which would generate fresh bearish signal and increase risk of further weakness.
South-heading 14-d momentum and daily MA’s back to bearish setup maintain pressure as thickening daily cloud continues to weigh.
Long upper shadows on daily candles today and Monday, add to negative outlook.
Close below 200WMA would expose trough at 1.1267 (28 Nov) and risk acceleration towards key med-term support at 1.1215 (12/13 Nov double-bottom).
Broken converged 10;20;30SMA’s (1.1360 zone) now reverted to resistance and should ideally limit upticks.

Res: 1.1316; 1.1400; 1.1426; 1.1444
Sup: 1.1312; 1.1305; 1.1267; 1.1215