The Euro regained traction and returned above daily cloud in early Friday’s trading, following strong upside rejection and bearish close on Thursday.
Overall bullish bias keep bulls in play for further advance, as Wednesday’s long bullish daily candle (the biggest one-day gains since Sep 2018) continues to underpin.
Bullishly aligned daily studies are supportive, but bulls need Friday’s close above daily cloud to confirm bullish stance for extension towards target at 1.1586 (Fibo 61.8% of 1.1815/1.1215 bear-leg).
Daily cloud top marks initial support at 1.1506, followed by broken 100SMA (1.1477) which is expected to contain stronger dips.
Caution on daily cloud top support which will significantly descend next week and thin daily cloud.
US CPI data due later today, will be also in focus for fresh signals.
Res: 1.1569, 1.1586, 1.1632, 1.1673
Sup: 1.1506, 1.1496, 1.1477, 1.1450