The Euro started the week at the back foot, following strong upside rejections at 1.1500 zone in past three days, which signaled that bulls may be running out of steam. Pivotal support at 1.1428 (Fibo 38.2% of 1.1289/1.1514, reinforced by daily Kijun-sen) stays intact for now, with plethora of supports marked by MA’s and daily cloud, providing strong headwinds for bears and limiting dips. Rising bullish momentum adds to overall positive picture on daily chart (slightly offset by negative slow stochastic), keeping alive hopes of fresh upside attempts while 1.1428 support holds. Otherwise, deeper correction of 1.1289/1.1514 rally could be expected, with close below 1.1392/84 (55SMA/daily cloud base) to neutralize bulls and shift near-term bias into bearish mode.
Res: 1.1460, 1.1488, 1.1561, 1.1569
Sup: 1.1428, 1.1400, 1.1384, 1.1375
