Euro is being offered in US session. The bird has printed a fresh 7-month low of 1.0869. We need to watch out for today’s closing. It is below 1.0911, then the Fib extension drawn from May high – June low – Aug high would come into play.
The first support then is seen around 1.0812 (78.6% Fib extension), which pretty much coincides with 1.0822 (Mar 10 low – ECB day low). On the way higher, 1.0931 (61.8% Fibo expansion) and 1.0937 (61.8% of 1.0517-1.1616) would act as a stiff resistance. Any corrective rallies on account of oversold intraday indicators are likely to be capped around 1.0930-1.0940.
The first support then is seen around 1.0812 (78.6% Fib extension), which pretty much coincides with 1.0822 (Mar 10 low – ECB day low). On the way higher, 1.0931 (61.8% Fibo expansion) and 1.0937 (61.8% of 1.0517-1.1616) would act as a stiff resistance. Any corrective rallies on account of oversold intraday indicators are likely to be capped around 1.0930-1.0940.
