The Euro is consolidating in early Friday’s trading after 0.9% rally previous day (the biggest one-day gains since 29 June) and facing strong headwinds from pivotal Fibo barrier at 1.1780 (38.2% 1.2555/1.1300).
Thursday’s rally was capped here, with today’s probes higher (new high at 1.1802, the highest since 14 June, was posted) being so far short-lived. Bullish daily techs favor further advance, which would be preceded by consolidative/corrective action on overbought conditions.
Dips should be ideally contained at 1.1720/00 zone before resuming. Weekly close above 1.1780 pivot would open 1.1848 (14 June high), with stronger bullish acceleration to challenge 1.1928/45 (50% retracement of 1.2555/1.1300/200SMA).
Lower pivots lay at 1.1671 (rising 10SMA which made bull-cross with 100SMA) and 1.1653 (rising 20SMA), loss of which would weaken the structure.
Res: 1.1802, 1.1848, 1.1928, 1.1945
Sup: 1.1769, 1.1733, 1.1700, 1.1671