The Euro dipped in early European trading on Tuesday, as extended lockdowns in Germany until April 18 and rising political tensions between the US and Europe from one side and China and Russia from the other side, soured sentiment and turned investors more cautious.
Fresh weakness offsets positive signal from Monday’s bullish engulfing and shifts near-term focus lower again as bears probe again through cracked important Fibo support at 1.1887 (61.8% of 1.1602/1.2349) and eye key supports at 1.1849/35 (200DMA/Mar 9 low).
Clear break here would open way for deeper correction and expose next key levels at 1.1695 (Fibo 38.2% of 1.0637/1.2349) and a higher base at 1.1600 zone.
Near-term action is expected to remain with bears while the price remains capped by 10 DMA (1.1931).
Res: 1.1931, 1.1946, 1.1977, 1.1988
Sup: 1.1874, 1.1849, 1.1835, 1.1799
