The Euro maintains bullish bias and consolidates under daily cloud, despite repeated failure to clearly penetrate cloud (Wed/Tue).
Bulls repeatedly failed to close above barriers at 1.1389/92 (100SMA / daily cloud base) and attack pivotal resistance at 1.1407 (Fibo 61.8% of 1.1514/1.1234), break of which would generate bullish signal for continuation of recovery rally from 1.1234 (15 Feb).
Strengthening bullish momentum continues to support and daily cloud twist (1.1409) attracts bulls.
Broken 30SMA (1.1362) holds and underpins the action, with support being reinforced by 5/30SMA bull-cross.
Eventual break above 1.1407 pivot would open way towards 1.1448/57 (Fibo 76.4% / bear-trendline from 1.1815).
Conversely return and close below 30SMA would weaken near-term structure, while dip below converged 20/10SMA’s (1.1345) would signal reversal.
Res: 1.1389, 1.1407, 1.1448, 1.1457
Sup: 1.1374, 1.1362, 1.1345, 1.1316
