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Euro followed through on Friday's reversal of post-FOMC gains. After weak pullback, the pair fell 150 pips before bids at 1.1180 stalled it. Given momentum we've witnessed, it's quite possible that the pair will retest seven-month channel bottom (currently near 1.10).
Some resistance may be found at 1.1210 - 1.1220 (200 DMA, Wednesday's low, Yesterday afternoon high) and then in 1.1235 - 1.1265 band (Daily Pivot Point, 50's, Monthly Pivot Point, Friday's low). Support is seen at 1.1180 - 1.1190 (Weekly Support 1, Previous Day Low, Low Of Day) and then stronger between 1.1125 and 1.1150 (50's, 100 DMA, Daily Support 1, 50 DMA).
Some resistance may be found at 1.1210 - 1.1220 (200 DMA, Wednesday's low, Yesterday afternoon high) and then in 1.1235 - 1.1265 band (Daily Pivot Point, 50's, Monthly Pivot Point, Friday's low). Support is seen at 1.1180 - 1.1190 (Weekly Support 1, Previous Day Low, Low Of Day) and then stronger between 1.1125 and 1.1150 (50's, 100 DMA, Daily Support 1, 50 DMA).
