- Euro retreating in Monday action as Germany’s ruling coalition faces a split; markets await a statement from German Chancellor Merkel.
- Hourly indicators are spinning into oversold territory, declines so far remain limited.
- Friday’s bounce attributed to broader US Dollar weakness; failure of Euro bulls to grab the reigns could see declines continue.
| Spot rate: | 1.1648 |
| Relative change: | -0.21% |
| High: | 1.1682 |
| Low: | 1.1648 |
| Trend: | Bearish |
| Support 1: | 1.1628 (38.2% Fibo retracement level) |
| Support 2: | 1.1589 (61.8% Fibo retracement level) |
| Support 3: | 1.1527 (one week low) |
| Resistance 1: | 1.1690 (Friday high) |
| Resistance 2: | 1.1720 (one week high) |
| Resistance 3: | 1.1778 (R2 daily pivot) |
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