The Euro stands at the front foot and attempts to extend recovery from last Thursday’s low at 1.1226, following initial positive signal from Friday’s bullish close.

Profit-taking after Thursday’s 0.58% fall could push the price higher, as rising bullish sentiment supports the notion.

Recovery faces immediate barrier at 1.1249 (20SMA), break of which would open 10SMA (1.1267) and key barriers at 1.1283/96 (daily cloud base/55SSMA).

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On the other side, long bearish candle of last Thursday weighs and suggests limited recovery.

Thick daily cloud (spanned between 1.1283 and 1.1372) also produces pressure and is expected to limit extended upticks.

Only sustained break here would neutralize existing downside risk and open way for renewed attack at 1.1323 lower platform.

Res: 1.1249; 1.1267; 1.1283; 1.1296
Sup: 1.1235; 1.1226; 1.1210; 1.1183


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