The pair rose to daily 50-MA yesterday as expected
- Euro's failure to take out 1.13 (also hourly 200-MA) followed by a break below hourly 50-MA indicates the currency pair could fall back to 1.1236 (38.2% of 1.0463-1.1714).
- Further losses towards 1.1170 could be seen only if the spot sees an hourly closing below 1.1230 levels.
- On the higher side, 1.13 is a strong resistance, which needs to be breached on hourly closing basis if the pair has to test 1.1342-1.1376.