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EUR/USD Outlook: Bears Look For Extension Below 55SMA/Daily Cloud Base After Consolidation, Cloud Top To Cap Upticks

The Euro holds in consolidative mode above new two-week low at 1.1370, posted on Thursday, as bears repeatedly failed to clearly break below 55SMA (1.1382) despite bearish signal generated on the second straight close below 1.1392 Fibo support (50% of 1.1215/1.1569 rally). Bearish daily studies favor further downside with stronger acceleration lower to be sparked by sustained break below 55SMA and daily cloud base (1.1365) and Fibo 61.8% at 1.1350. Meantime, the pair is expected to consolidate as slow stochastic is oversold. Broken 30SMA marks initial barrier at 1.1401, with more significant barrier provided by daily cloud top (1.1418) reinforced by 20SMA, expected to limit upticks and keep bears intact.

Res: 1.1401, 1.1418, 1.1447, 1.1465
Sup: 1.1382, 1.1365, 1.1350, 1.1309

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