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EUR/USD European session outlook

FX_IDC:EURUSD   Euro Fx/U.S. Dollar
Resistance – 1.1196, 1.1236, 1.13

Support – 1.1150, 1.11, 1.1066

Euro’s exhaustion near long serving resistance level of 1.1236 (38.2% of 1.0463-1.1714) followed by a fall back below 1.1196 (38.2% of 1.1517-1.1616) and dip below blue rising trend line has increased risk of a further drop to black rising trend line level around 1.11 levels.

The bearish view is at a risk of a rebound form range of 1.1140-1.1160 as that could translate into formation of inverse head and shoulder on hourly chart discussed yesterday.
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