Near-term action remains negatively aligned below falling 10DMA
The Euro is trading in a choppy sideways mode in European session on Friday, with near-term action being weighed down by south-heading 10DMA which capped upticks in past two days and fading bullish momentum on daily chart.
Fresh weakness is probing below the base of thinning daily cloud and pressuring pivotal Fibo support at 1.1351 (38.2% of 1.1280/1.1395) upleg, violation of which would spark fresh acceleration lower for retest of Thursday’s low (1.1323, also Fibo 61.8% of 1.1280/1.1395) where bears were strongly rejected.
Caution on repeated failure to close below 1.1351 Fibo support that would signal extended sideways mode, however, near-term bias is expected to remain with bears as long action stays below descending 100DMA (1.1399).
Res: 1.1379; 1.1386; 1.1399; 1.1430
Sup: 1.1337; 1.1323; 1.1294; 1.1280