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Technical Outlook: EURUSD – Bears Favor Fresh Attempt Through 1.0650 Fibo 61.8% Support After Limited Correction

The Euro is consolidating above fresh two-week low at 1.0650, hit last Friday in extension of steep bear-leg from 1.0905 peak. Support at 1.0650 marks Fibo 61.8% of 1.0493/1.0905 rally, close below which would generate bearish signal for test of next strong support at 1.0622 (top of daily Ichimoku cloud/100SMA). Consolidation is so far holding under previous key support at 1.0700 (daily Kijun-sen/base of thick hourly cloud), which is expected to ideally cap upside attempts, before bears resume. Clear break below 1.0650/22 would triggers further bearish acceleration below 1.0600 trough which may attract key short-term support at 1.0500 zone. Strong near-term bears may be delayed on sustained break above 1.0700 barrier that would signal extended correction.

Res: 1.0680, 1.0700, 1.0748, 1.0777
Sup: 1.0650, 1.0622, 1.0600, 1.0583

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