Despite Euro’s pullback from three-week low of 1.1123 on Wednesday, the subsequent rejection at 5-DMA in Asian session amid re-entry in the falling channel
last Friday and bearish
5-DMA and 10-DMA crossover suggests the currency could drop to 1.1118 ( 200-DMA
), breach of which would bring much stronger drop to 1.1046 (Aug 5 low).
On the higher side, only day end close above 1.1182 (channel resistance) would signal bearish