EURUSD extends steep ascend into fourth consecutive day and hit new 2025 high (also the highest since Sep 2021) on Thursday.
Revived risk appetite on signs that the ceasefire in Middle East was so far stable and weaker dollar on fresh concerns about the independence of the US central bank, on signals that President Trump may replace Jerome Powel from the position of Fed Chairperson, continue to lift the single currency.
Bullish daily studies (strong positive momentum/MA’s in full bullish setup) also contribute to near-term outlook.
Break through Fibo barrier at 1.1685 (76.4% of 1.2349/0.9536 downtrend) sparked fresh extension higher which eyes next target at 1.1800, violation of which to unmask Fibo projections at 1.1887 and 1.1961, ahead of key barrier at 1.2000 (psychological/200MMA).
Meanwhile, bulls may take a breather as studies are overbought, with extended dips to hold above 1.1600 (daily Tenkan-sen) and provide better levels to re-enter bullish market.
Res: 1.1767; 1.1800; 1.1887; 1.1961.
Sup: 1.1685; 1.1650; 1.1600; 1.1563.
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