The Euro stands at the back foot in early hours of US session on Monday and slid to the session low at 1.1350 after speech of ECB President Mario Draghi, who pointed at gradual growth slowdown, but expressed the optimism about inflation, which is expected to remain at steady path despite weaker growth than previously estimated.
Today’s recovery attempts following strong fall on Friday, stalled at 1.1383, and subsequent descend returned below converged 10/20SMA’s (1.1362).
Repeated daily close below 10/20SMA’s would increase risk of fresh attack at 200WMA (1.1312), which resisted attacks in past five weeks.
Sustained break below 200WMA would trigger significant downside on break below next key supports at 1.1215 (12/13 Nov double-bottom) and 1.1186 (Fibo 61.8% of 1.0340/1.2555 rally).
Meanwhile, the pair may hold in extended consolidation if 1.1326 supports hold, but bears are expected to dominate as long as falling 30SMA (1.1392) caps.
Res: 1.1362; 1.1392; 1.1421; 1.1433
Sup: 1.1326; 1.1312; 1.1276; 1.1215
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