The Euro eventually broke below 55SMA support at 1.0600 zone that held downside attempts in past two days.

Fresh weakness from yesterday’s upside rejection at 1.0631 where upside action was capped by falling 10SMA, also probes below double-Fibonacci support at 1.0580 (50% of 1.0339/1.0827 and 61.8% of 1.0520/1.0678).

Near-term focus is at 1.0557 (Fibo 76.4% of 1.0520/1.0678 upleg) which guards strong supports at 1.0520 zone (daily cloud base/15 Feb low/Fibo 61.8% of 1.0339/1.0827).

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Daily studies turned into full bearish setup and support scenario.

Broken 55SMA offers immediate resistance (currently at 1.0598), followed by session high/5SMA at 1.0613 and falling 10 SMA (currently at 1.0622) that continues to weigh on near-term action and is expected to cap extended corrective upticks.

Res: 1.0598, 1.0613, 1.0630, 1.0678
Sup: 1.0557, 1.0520, 1.0500, 1.0454


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