The Euro is consolidating under fresh recovery high at 1.0781, the highest since 06 Feb, with early Monday’s action holding bullish tone for renewed attempt at 1.0781 high and possible extension higher.
Psychological 1.0800 barrier marks initial target ahead of key point at 1.0827 (02 Feb high).
Strong bullish setup of daily MA’s that also formed multiple bull-crosses and the price holding well above broken daily cloud, support bullish scenario.
However, overbought slow stochastic suggests bulls might be delayed.
Thickening hourly cloud (spanned between 1.0693 and 1.0757) underpins near-term action and marks strong support, ahead of daily cloud top (currently at 1.0674), above which extended dips are expected to find support and keep bullish bias intact.
Res: 1.0781, 1.0800, 1.0827, 1.0872
Sup: 1.0757, 1.0726, 1.0693, 1.0676
