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EUR/USD Outlook: Bears Eye 2019 Low For Retest

The Euro holds firmly in red for the fourth straight day and extends weakness, after fresh bearish signal was generated on Thursday’s close below 1.1240 (Fibo 76.4% of 1.1176/1.1448) the last obstacle en-route to 1.1176 (2019).

The pair is on track to complete the second week in red that adds to negative outlook as 10/200WMA death cross weighs and bearish momentum rises on both, daily and weekly chart.

Also, the pair is on track to end month firmly in red and attempts through the base of thick monthly cloud that would increase pressure.

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Bears look for test of key m/t supports at 1.1186/76 (Fibo 61.8% of 2017/2018 1.0340/1.2553 ascend/2019 low), violation of which would spark fresh acceleration lower and expose psychological 1.10 support.

Deeply oversold stochastic on daily chart warns that bears may lose traction, but without clearer positive signal for now. Close above broken 1.1240 support would ease negative pressure, however, limited corrective action is expected to precede fresh bears.

Res: 1.1240, 1.1255, 1.1280, 1.1296
Sup: 1.1200, 1.1186, 1.1176, 1.1118

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