The Euro is consolidating under fresh highs at 1.1211/08 (Friday/today) following very strong rally last week, when it was up 2.5%. The pair took out strong barriers at 1.1000 (psychological) and 1.1065 (weekly cloud top) that generated strong bullish signals.
Cracked 1.1200 level is currently acting as solid barrier, with extended easing on overbought slow stochastic not ruled out.
Initial support at 1.1166 (Fibo 38.2% of Friday’s rally) is holding for now, with possible extension towards 1.1140 (Fibo 61.8% and 1.1100 (Friday’s low) seen before fresh attempts higher.
The Euro is currently running on extended third wave of five-wave cycle from 1.0819 which eyes its 200% Fibonacci expansion at 1.1245 and may travel towards 1.1323 (FE 238.2% which lies near Fibo 76.4% of 1.1614/1.0339 descend).
Only return below weekly cloud top would sideline bulls for deeper correction.
Res: 1.1211, 1.1245, 1.1300, 1.1323
Sup: 1.1166, 1.1140, 1.1100, 1.1065
