EUR/USD Outlook: Bearish Bias Remains Below Broken Fibo Support at 1.2173

Technical analysis of Forex market

The Euro stays in red on Friday and pressures new one-month low as bears regain traction after Thursday’s hesitation, expressed by daily Doji candle.

The action remains under broken Fibo level (1.2173, 23.6% of 1.1602/1.2349) that keeps near-term bias with bears.

Rising bearish momentum on daily chart and multiple bear-crosses of daily moving averages add to negative tone.

Bears eye key Fibo support at 1.2064 (38.2% of 1.1602/1.2349) break of which would generate reversal signal and expose targets at 1.2000/1.1975 (psychological/50% retracement). The pair is on track for bearish weekly close, with close below 1.2173 pivot to generate reversal signal on weekly chart and increase downside pressure.

Res: 1.2162; 1.2173; 1.2189; 1.2220
Sup: 1.2110; 1.2064; 1.2000; 1.1975