The Euro moved higher in early European trading and covered small gap from the opening, as last week’s two-day pullback from upside failure at daily cloud, found footstep just above solid supports at 1.1577 (30SMA) and 1.1568 (Fibo 38.2% of 1.1300/1.1733 rally). These supports should ideally contain corrective dips in order to keep bulls from 1.1300 intact for renewed attempt through thin daily cloud (1.1660/78) and falling 100SMA (1.1733). Persisting strong bullish momentum and daily MA’s in bullish setup keep near-term focus at the upside, but fresh recovery attempts need close above broken rising 10SMA (1.1630) to confirm scenario. Conversely, break and close below Fibo support at 1.1568 and rising 20SMA (1.1542) would sideline bulls for deeper correction.
Res: 1.1631, 1.1659, 1.1690, 1.1718
Sup: 1.1577, 1.1568, 1.1542, 1.1517
