The Euro maintains positive tone and probes through daily cloud top on Thursday, in extension of larger recovery rally.
Fresh strength emerged after Wednesday’s corrective dip was contained by daily cloud base, keeping bullish bias intact.
The single currency benefited from weaker dollar on fading safe-haven demand as global trade tension eases on promising NAFTA negotiations.
Fresh bullish momentum on hourly chart supports the advance after overnight action was contained by top of thick hourly cloud.
Daily studies are in full bullish setup and supportive for final push towards key barriers at 1.1750 zone (Fibo 38.2% of 1.2476/1.1300 / July’s lower platform / falling 100SMA).
However, bulls may show hesitation at 1.1750 resistances as slow stochastic is overbought, but holding for now in sideways mode and lacking firmer signal.
Base of thinning daily cloud remains solid support which should contain dips and guard next strong supports marked by 55SMA (1.1616) and weekly cloud base (1.1562).
Res: 1.1718, 1.1733, 1.1750, 1.1780
Sup: 1.1685, 1.1656, 1.1616, 1.1568
