The Euro enters American session in negative mode and returned into daily cloud after failing to hold gains above daily cloud top / 55SMA (1.1574/90) and stalled on approach to converged 20/30SMA’s at 1.1615, as trong EU industrial production and German CPI, in line with expectations, released earlier today, failed to boost Euro. Fresh risk appetite lifted dollar, with profit-taking of strong rally in past two days, adding to renewed pressure on the single currency. Fresh easing weakened near-term structure and increasing risk of return and close below daily cloud, which would generate bearish signal. Daily momentum turned lower and created bear-cross, softening daily techs, which are still in mixed mode. Friday’s close below daily cloud would turn near-term bias lower and risk further weakness. Bullish scenario requires close above cloud to keep focus at the upside.
Res: 1.1574; 1.1590; 1.1618; 1.1627
Sup: 1.1545; 1.1529; 1.1518; 1.1479
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