The Euro rebounds modestly in early Monday’s trading following nearly 1% fall last week that hit 2-week low at 1.1066 on Friday.
Recovery is signaled by reversal of deeply oversold daily stochastic and Friday’s hammer candle, but faces headwinds from initial barriers at 1.1110 zone (Fibo 23.6% of 1.1249/1.1066 / base of falling thick hourly cloud).
Overall structure remains negative and sees limited corrective action before bears re-take control.
Extension above 1.1110 would face next strong obstacles at 1.1138/46 (base of thick 4-hr cloud / falling 20DMA) which should ideally cap recovery and keep bears intact.
Only firm break here would sideline bears for further recovery and expose pivotal barriers at 1.1179/99 (Fibo 61.8% / top of 4-hr cloud).
Res: 1.1110, 1.1138, 1.1146, 1.1160
Sup: 1.1087, 1.1066, 1.1026, 1.1000
