The Euro remains in red on Wednesday and pressures pivotal support at 1.0641 (Fibo 38.2% of 1.0339/1.0827 upleg / 30SMA).
Yesterday’s break and close below 20SMA generated bearish signal for further downside, with break below 1.0641 needed to confirm bearish extension of pullback from 1.0827 (02 Feb peak).
towards next strong supports at 1.0550 (daily cloud top) and 1.0525 (Fibo 61.8% retracement).
Broken 20SMA (1.0700) now acts as resistance together with daily Tenkan-sen (1.0723) which is expected to cap upticks.
No events in today’s calendar during European session suggest that technicals and politics would be Euro’s main driver.
Res: 1.0689, 1.0700, 1.0723, 1.0773
Sup: 1.0641, 1.0600, 1.0550, 1.0525
