The Euro fell sharply on Thursday, losing 1.5% and hitting the lowest in more than three weeks against the dollar, as global uncertainty over Russian invasion on Ukraine dampened risk sentiment and prompted investors into safer assets.
Strong acceleration lower is on track to fully retrace 1.1121/1.1494 upleg that would signal A continuation of larger fall from 1.2349 (Jan 2021 peak).
Strong bearish signal was generated on break of pivotal Fibo support at 1.1186 (61.8% of 1.0340, 2017 low/1.2555, 2018 high) which looks for a confirmation on close below this level.
Bears eye next targets at 1.1040/1.1000 (Fibo 76.4% of 1.0635/1.2349 / psychological) violation of which would risk fresh bearish acceleration and open way towards 1.0635 (2020 low).
Bears may take a breather on strongly oversold daily studies but upticks are likely to be limited and to offer better levels to re-enter firmly bearish market.
Res: 1.1186; 1.1209; 1.1280; 1.1308
Sup: 1.1121; 1.1040; 1.1000; 1.0979
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