The Euro regained traction and bonces through 1.14 barrier in early Wednesday, after 0.72 fall on Tuesday which left big bearish daily candle, also generated bearish signals on formation of bearish outside day and close below 1.1474 pivot (Fibo 38.2% of 1.1215/1.1472 upleg).
Temporary base is forming at 1.1360 zone (Tue/Wed lows) where 20SMA/ top of thick 4-hr cloud contained downside attempts, with fresh recovery pressuring falling 30SMA (1.1414) close above which would neutralize downside risk.
On the other side, daily indicators continue to point lower as momentum is to break into negative territory and form bear-cross with its 7-d MA and slow stochastic is heading south after reversing from overbought territory.
Bullish scenario on break above 30 SMA requires confirmation on sustained break above cracked key Fibo barrier at 1.1444 (38.2% of 1.1815/1.1215) which would unmask next pivotal barriers at 1.1499 (07 Nov spike high) and 1.1515 (50% of 1.1815/1.1215 descend).
Conversely, stronger bearish signal could be expected on repeated close below 1.1374 Fibo support and sustained break below 20SMA (1.1366).
Concerns about global growth slowdown which fuel safe-haven currencies could keep the Euro under pressure, while pre-holiday profit-taking on dollar longs could boost the single currency.
Res: 1.1414, 1.1444, 1.1472, 1.1499
Sup: 1.1360, 1.1348, 1.1313, 1.1276
