The Euro consolidates above cracked Fibo support at 1.1240 (76.4% of 1.1176/1.1448) in European session on Thursday after bears extended to new low at 1.1234 (the lowest since 11 Mar).
Bears may take a breather on deeply oversold stochastic and weakening momentum, before resuming as last week’s bull-trap and negative sentiment continue to weigh.
Broken Fibo level at 1.1280 (61.8%) marks initial barrier, with falling 20SMA (1.1305) expected to cap stronger upticks and keep bears intact.
Close below 1.1240 Fibo support would open way for test of key support at 1.1176 (2019 low posted on 7 Mar).
Res: 1.1261, 1.1280, 1.1305, 1.1317
Sup: 1.1240, 1.1221, 1.1200, 1.1176
