The Euro eventually broke above 1.2000 target in early Tuesday’s trading and shows scope for further advance on triggering large stops that lay above.
Firm bullish sentiment has been reinforced by fresh weakness of the US dollar, after North Korea fired a missile that passed over northern Japan, raising global tensions and sparking fresh risk-off mode in the markets.
Fresh acceleration above 1.2000 barrier opens way towards Fibonacci 138.2% projection at 1.2101 and could travel to 1.2166 (50% retracement of larger 1.3992/1.0340 descend).
Some corrective easing could be expected as slow stochastic is strongly overbought and daily RSI is breaking into overbought zone, but no firmer signal seen so far.
Corrective dips will be seen as fresh buying opportunities.
Res: 1.2063′ 1.2106′ 1.2166′ 1.2200
Sup: 1.2000′ 1.1955′ 1.1910′ 1.1846
