The Euro is consolidating under new nearly 34-month low at 1.0827 on Friday but maintains strong bearish tone and on track for the second straight massive weekly loss (the pair fell 1.32% last week and is so far down 0.84% this week).

Fresh negative signal was generated on Thursday’s close below Fibo support at 1.0863 (76.4% of 1.0340.1.2555), as bearish extension to 1.0827 pressured next target at 1.0820 (24 Apr 2017 low).

Bears look to fill the gap from mid-Apr 2017 (1.0723/1.0916) that would spark further weakness.

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Oversold daily indicators are in sideways mode and so far do not produce more significant signal for bounce, however some end-of-week profit-taking would add to recovery attempts, which are so far expected to be limited.

Broken Fibo support (1.0863) and falling 5DMA / former low (1.0876/78) mark initial resistances which should ideally cap and guard pivotal barriers at 1.0929 (Fibo 38.2% of 1.1095/1.0827) and 1.0941 (falling 10DMA).

Res: 1.0863, 1.0878, 1.0890, 1.0925
Sup: 1.0827, 1.0820, 1.0800, 1.0777


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