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EUR/USD: Bears Regain Control after Limited Consolidation

Bears regained control after brief consolidation was capped by falling 10DMA and fresh weakness is on track for eventual close below cracked pivot at 1.1836 (Fibo 76.4% of 1.1704/1.2266 upleg).

Disappointing German data added to euro’s weak sentiment, as investor morale fell much below expectations in July, suggesting that investors expect the ECB to maintain its accommodative policy.

Close below 1.1836 would generate initial bearish signal, with extension below 1.1800 zone to trigger stops parked below and risk test of next key levels at 1.1700 zone (Mar 31 low / Fibo 38.2% of 1.0635/1.2349 ascend).

Near-term action is expected to remain biased lower while capped by 10DMA.

Res: 1.1887; 1.1918; 1.1975; 1.2000
Sup: 1.1795; 1.1737; 1.1704; 1.1694

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