The Euro is back to weakness in early US trading, after bears took a breather earlier today on bounce from session low (1.1481) ton 1.1527, where 10SMA capped upticks. Near-term structure remains weak after the single currency fell sharply on Wednesday on hawkish Fed minutes and the greenback received fresh support from better than expected US data today. Weekly jobless claims fell to 210K from last week’s downward revised 215K and also beat forecast for 211K. Philadelphia Fed Manufacturing index also kept high levels (Oct 22.2, slightly down from Sep 22.9 but above consensus at 19.7). Stronger than expected US data add to bearish signals that the pair generated on Wednesday’s fall below daily cloud and two Fibo supports, however, today’s action is still shaped in Doji candle and signaling indecision. Bears may pause further while 1.1476 support (Fibo 76.4% of 1.1422/1.1621 upleg) holds, before final push towards key near-term support at 1.1432 (09 Oct spike low). Sideways-moving 10SMA (1.1531) should keep the upside protected and guard upper pivot at 1.1545 (daily cloud top).
Res: 1.1504; 1.1526; 1.1545; 1.1562
Sup: 1.1476; 1.1463; 1.1432; 1.1400
