Fresh acceleration higher is probing through pivotal barrier at 1.0930 (Mar 23 spike high) after three-day consolidation and signaling that the euro holds firm tone.
Fresh bulls were sparked by much better than expected German export/import data for February, which boosts optimism about stronger economic growth and underpins near-term action.
The action is supported by positive daily studies which show strengthening bullish momentum and moving averages forming multiple bull-crosses, while daily cloud is thickening and adding to support.
Initial bullish signal in expected on eventual close above Fibo barrier at 1.0910 (76.4% retracement of 1.1032/1.0516) which has so far resisted five attacks, with break of 1.0930 high to confirm and open way towards 1.1000/32 (psychological/2023 high of Feb 2).
Near-term bias is expected to remain with bulls as long as the price stays above rising 10DMA (1.0850), which tracks the action for over two weeks.
Res: 1.0930; 1.1000; 1.1032; 1.1070.
Sup: 1.0882; 1.0850; 1.0800; 1.0774.
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