The euro missed its chance to breach above the $1.38 handle and collapsed, re-testing the 1.3585/00 support region. Although it found bids and recovered half of yesterday’s initial losses – downside remains in focus for now. Next upside barriers are formed at 1.3700 by the 50% retracement of yesterday’s full downward move, followed by 1.3720 and 1.3750/60. Higher comes the 1.3800 handle and recent top at 1.3840 which seems too far up. Short term sentiment remains bearish as long as upside will be capped by the 1.3860-1.39 resistance region. Intra-day sentiment is negative too and an extension of current recovery will probably face fresh selling within the 1.3750-1.38 intra-day resistance range. Current quote is 1.3682 @07:00 GMT
Support: 1.3650, 1.3585/00 and 1.3500
Resistance: 1.3700, 1.3720, 1.3750/60 and 1.3800.
Market sentiment: long term – bullish, medium term – bearish, short term – bearish, intra-day – bearish
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