The Euro remains in red on Wednesday and probes again through cracked Fibo support at 1.1798 (38.2% of 1.1602/1.1919 ascend) after Tuesday’s action ended in long-legged Doji, signaling strong indecision.
Monday’s bearish engulfing weighs on near-term action, as markets fear of further reduction of longs towards the end of the year that could push the price further down.
Near-term bears look for initial signal on close below key supports at 1.1811 (daily cloud top) and 1.1798 (Fibo) to spark fresh acceleration towards next key supports at 1.1740/23 (daily cloud base / Fibo 61.8% of 1.1602/1.1919).
On the other side, daily studies remain mixed and lack clearer direction signals, with positive bias expected to remain in play if today’s action fails to clearly break 1.1798 pivot.
Res: 1.1811, 1.1843, 1.1890, 1.1919.
Sup: 1.1779, 1.1760, 1.1740, 1.1723.
