Limited recovery warns of fresh weakness

On Apr 20, 2020

EURUSD

The Euro holds in directionless, 25-pips range on Monday, with attempts to extend last Friday’s recovery remaining capped by 1.0891/99 (broken Fibo 50% of 1.0637/1.1147 ascend, reinforced by converged 5/10DMA’s and broken bull-trendline off 1.0635).
Daily studies are in negative setup, with near-term action being weighed down by last week’s bull-trap.
While the upside stays limited, risk of repeated probe below cracked support at 1.0831 (Fibo 61.8%) exists, with close below to open way for bearish extension towards 1.0768/56 (6 Apr low / Fibo 76.4%).

Res: 1.0899; 1.0915; 1.0943; 1.0959
Sup: 1.0831; 1.0811; 1.0768; 1.0756

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