The Euro holds in extended consolidation above new three-week lows (1.1016) but remains biased lower, with consolidation being capped by broken 55DMA (1.1038).

Bearish daily studies maintain negative stance, however, further consolidation could be anticipated as stochastic is deeply oversold, with extended upticks to stay below former pivotal support, now resistance at 1.1064 (daily cloud top / Fibo 38.2% of 1.0878/1.1179).

Eventual break of temporary base at 1.1016 and psychological 1.10 support would expose next key levels at 1.0993/66 (Fibo 61.8% / daily cloud base).

- advertisement -

German ZEW data are key event for Euro on Tuesday, with forecast showing improvement (Nov -13.2 vs -22.8 in Oct) but remaining negative and unlikely to significantly affect negative sentiment if figures come within forecasted levels.

Res: 1.1038, 1.1064, 1.1087, 1.1106
Sup: 1.1016, 1.1000, 1.0993, 1.0996

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.