Sun, May 22, 2022 @ 11:06 GMT
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EURUSD – Daily Cloud Is Key

The Euro is maintaining positive near-term tone and attempting again into daily cloud (spanned between 1.0605/1.0653). Yesterday’s rally turned near-term focus higher but close well below cloud base, kept overall bearish bias intact. Current rally could be seen as positioning ahead of fresh weakness, as thickening daily cloud continues to weigh. Selling upticks scenario is still favored, with good barriers at 1.0620/26 (Fibo 38.2% of 1.0827/1.0492/30 SMA) seen ideally capping extended upticks. Alternative scenario requires firm break above daily cloud top (1.0653), reinforced by falling 100SMA to bring bulls fully in play. NFP data are eyed for stronger signals.

Res: 1.0626, 1.0638, 1.0653, 1.0700
Sup: 1.0586, 1.0570, 1.0541, 1.0524

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