The Euro fell on Tuesday, extending the weakness of the previous day, pressured by increased demand for the US dollar at the end of month / quarter.

Monday’s bearish inside day was initial negative signal which materialized on today’s bearish acceleration through strong supports at 1.1008/00 (daily cloud top / psychological) and other pivot at 1.0951 (Fibo 38.2% of 1.0635/1.1147).

Fresh bears are also helped by rise of negative momentum on daily chart, as the price fell below a cluster of DMA’s (between 1.1078 and 1.1005) and stochastic emerged from overbought territory and heading south.

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Close below 1.0951 Fibo support is needed for fresh bearish signal which will require confirmation on close below key 1.0891 level (daily cloud base / 50% of 1.0635/1.1147 / daily Tenkan-sen) and signal reversal.

Bearish bias is expected to stay intact while the action remains under. daily cloud top

Res: 1.0951, 1.1008, 1.1026, 1.1046
Sup: 1.0926, 1.0891, 1.0880, 1.0831

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