The Euro holds positive tone in early Monday’s trading and probes again above cracked pivotal barriers at 1.1672 (10SMA) and 1.1695 (Fibo 38.2% of 1.1996/1.1509 bear-leg).
However, the pair is still holding within the range of past two days (1.1724/1.1616) and firm break above the range top is needed to confirm bullish signal on eventual close above 10SMA (the action of past two days failed to close above 10SMA despite repeated breaks higher).
Lift above congestion top would open next pivot at 1.1760 (falling 20SMA) break of which would generate stronger reversal signal.
Strengthening momentum supports the notion, with bullish bias to remain in play above north-turning 5SMA (1.1646) which contained dips in past two days and marks pivotal support.
Res: 1.1724, 1.1760, 1.1810, 1.1857
Sup: 1.1672, 1.1646, 1.1617, 1.1591
