The Euro stands at the front foot on Tuesday and holds at the upper side of week-long congestion, following bullish close after triple Doji on Monday and probe above 20/30SMA’s pivots.
Tuesday’s action holds above 20SMA (1.1352) and probes again above 30SMA (1.1362), clear break of which would generate bullish signal for extension towards barriers at 1.1381/91 (55/100 SMA’s).
Broken Fibo barrier at 1.1341 (38.2% of 1.1514/1.1234) reinforced by rising 5SMA, offers solid support which needs to hold and keep bullish bias.
Only return below 10 SMA (1.1321) would sour the sentiment and turn near-term focus lower.
The single currency is helped by weaker dollar ahead of Fed Chairman Powell’s testimony to a US Senate committee later today, as traders would look for signs whether the central bank feels comfortable with recently adopted more cautious stance on future rate hikes.
Res: 1.1367, 1.1374, 1.1381, 1.1391
Sup: 1.1352, 1.1341, 1.1321, 1.1300
