The Euro extends lower and cracks pivotal support at 1.1175 (Fibo 38.2% of 1.1107/1.1215/ 10SMA) after recovery rally from 1.1107 low stalled, following repeated failure to clear 1.1200 barrier.
Initial bearish signal was generated on Monday’s close below falling 30SMA, with sustained break of 1.1175 pivot needed to signal lower top at 1.1215 (Mon high) and risk fresh acceleration lower.
Daily momentum is breaking into negative territory and stochastic is reversing from overbought zone, with stronger dollar in early Tuesday’s trading, adding pressure on Euro.
Caution while the price holds above 10SMA as this may weaker bearish near-term bias, however, any upside attempts would require confirmation on sustained break above 30SMA and Monday’s high (1.1215).
Res: 1.1195, 1.1215, 1.1226, 1.1234
Sup: 1.1175, 1.1161, 1.1148, 1.1132
