EURUSD found strong resistance around 1.19200 area which stopped it from further growth. The announcements of Pfizer and BioNTech regarding Covid-19 vaccine with more than 90% of effectiveness triggered volatility yesterday. ZEW Economic Sentiment and ZEW Current Situation will be published which might bring strength to EUR.
The support is located at 1.17990 with resistance at 1.18530 which both lines are above the weekly pivot point at 1.17900. The EMA of 10 is declining above the EMA of 100 and 200. The sharp decline might be a dead cat bounce so further growth can be expected regardless of indicators signals for bearish trend. EUR empowerment may push the price up towards 1.2000.
The support level breakthrough will confirm the correction pattern towards level 61.8 of Fibonacci at 1.17300.