The Euro was up in early Wednesday’s trading and retraced the largest part of Tuesday’s dip, after bulls repeatedly stalled at 100SMA.
Weaker dollar on fresh risk-appetite mode on hopes of US/China trade deal helped the single currency to keep traction for renewed attempts at 100 SMA (1.1478) and 2019 high (1.1496).
Bulls may extend for test of another key barrier at 1.1515 (daily cloud top / 50% retracement of 1.1815/1.1215 descend, on sustained break above 100SMA that would generate bullish signal.
Bullish daily studies support the notion, however, overbought conditions and concerns about EU economy slowdown require caution.
Rising 10SMA marks solid support at 1.1417, loss of which would ease upward pressure.
Res: 1.1478, 1.1496, 1.1515, 1.1550
Sup: 1.1444, 1.1436, 1.1417, 1.1391
