The Euro is consolidating under fresh recovery high at 1.1256, just ticks below yearly high at 1.1268 (posted on 23 May), following strong two-day rally from 1.1100 zone, where correction from 1.1268 peak found support.
Candles of past two days are underpinning for final attack at 1.1268 barrier and resumption larger uptrend.
Long-tailed bullish candle on Tuesday showed strong downside rejection, with long bullish candle that was left on Wednesday, confirming renewed strength.
Sustained break above 1.1268 is needed to signal bullish resumption and extension of current fifth wave of five wave cycle from 1.0820 towards its Fibonacci expansion levels at 1.1322 (FE 238.2%) and 1.1370 (FE 261.8%) in extension.
Meantime, extended downticks are expected to find footstep above rising Tenkan-sen (1.1188), which guards strong support at 1.1160, loss of which would put near-term bulls on hold.
Res: 1.1256, 1.1268, 1.1300, 1.1322
Sup: 1.1227, 1.1205, 1.1188, 1.1160
