Near-term action holds within narrowing range but biased lower while below 10DMA
The Euro trades within triangular consolidation for the fourth straight day, but biased lower, as the upside remains capped by 10DMA (1.1839).
Rising bearish momentum on daily chart maintains negative signals which are reinforced by long upper shadows on recent weekly candles.
On the other side, significant rise in German business morale partially offsets negative impact that keep the pair in directionless near-term mode.
Selling upticks while the price holds below 1.1833/39 pivots (Fibo 38.2% of 1.1965/1.1754 / 10DMA) remains favored for now, however, scenario requires verification on break below 1.1754 (21 Aug low) that would expose pivotal higher base at 1.1700.
With no events scheduled today in Europe, traders focus release of US durable goods data, due later today, and more significant Fed Powell’s speech in Jackson Hole symposium on Thursday.
Res: 1.1839; 1.1859; 1.1883; 1.1915
Sup: 1.1800; 1.1784; 1.1754; 1.1711