The pair holds in narrow consolidation above new two-week low as bears take a breather after 07% fall last week. Slight positive tone was boosted by weaker than expected US data on Monday, along with oversold daily stochastic and profit-taking. Technical studies remain negative and maintain strong bearish momentum on daily chart, with weekly bearish engulfing pattern adding to negative signals. Bears are looking for positioning ahead of fresh weakness as overall picture is bearish, but the pair looks for stronger signal that could be expected from EU elections that start on Thursday. Solid barriers at 1.1180/1.1200 zone should cap upticks and keep bears intact.
Res: 1.1180; 1.1200; 1.1215; 1.1226
Sup: 1.1150; 1.1134; 1.1111; 1.1075