The Euro holds in red for the third straight day and pressures again Wednesday’s spike low at 1.1601, after recovery attempts from here ran out of steam at 1.1660 and left hourly double-top before falling back. Fresh weakness nearly fully retraced 1.1601/60 correction, signaling continuation of bear-phase from 1.1790 high. The pair is currently riding on the third wave of five-wave cycle from 1.1790 and eyeing target at 1.1564 (FE100%) to confirm wave principles. Weakness from double-rejection at the base of thick daily cloud could extend towards key supports at 1.1527 (28 June trough) and 1.1508 (21 June low). Fresh bearish momentum is building and adding to negative daily techs. Converged 20/30SMA’s mark solid resistance at 1.1660 zone, which is expected to keep the downside protected.
Res: 1.1665, 1.1678, 1.1696, 1.1729
Sup: 1.1601, 1.1564, 1.1527, 1.1508
