The Euro is consolidating within narrow range, after hitting fresh over one-year high at 1.1445 in early Friday, just ahead of target at 1.1455 (50% retracement of 1.2567/1.0340 descend).
The pair is looking for round-figure barrier at 1.1500 and may extend higher to fully retrace 1.1614/1.0340 (05 May 2016 / 03 Jan 2017 bear-leg), as firmly bullish technicals and sentiment are supportive.
Meanwhile, corrective action may precede fresh upside as daily studies are strongly overbought, but so far did not generate firmer bearish signal.
Also, profit-taking on strong three-day rally may add pressure on pair’s near-term action.
Corrective dips will face initial supports at 1.1424/00, followed by thick hourly cloud (spanned between 1.1383/08) and former strong barriers at 1.1290 zone, reinforced by converged daily Tenkan-sen/Kijun-sen, where deeper corrective action should find strong support.
Res: 1.1455, 1.1500, 1.1511, 1.1550
Sup: 1.1424, 1.1400, 1.1383, 1.1320
