The Euro enters the American session at the back foot and pressures the floor of four-day congestion at 1.2280 zone, after upside attempts in early European trading stalled on attempts through congestion tops, reinforced by converged 10/20/55SMA’s at 1.2335. Weaker than expected German Manufacturing PMI data put the pair under fresh pressure for probe through 1.2280 pivot. Daily MA’s and momentum are in bearish setup and maintain pressure, as eventual close below 1.2280 will signal an end of consolidative phase and extension of bear-leg from 1.2476 (27 Mar high). Fresh weakness eyes double-bottom at 1.2240, break of which would expose key short-term supports at 1.2172/46 (Fibo 38.2% of 1.1553/1.2555/daily cloud base). Only close above MA’s cluster at 1.2335 would neutralize bearish threats and turn imme4diate focus higher.
Res: 1.2300; 1.2320; 1.2335; 1.2368
Sup: 1.2240; 1.2200; 1.2172; 1.2146
