The Euro is consolidating under fresh weekly high at 1.1848 after strong rally on Tuesday eventually broke and closed above daily cloud, generating bullish signal.
Cloud top now acts as support, with daily MA’s in bullish setup and slow stochastic heading north and signaling room for extension towards Fibo barriers at 1.1867 (Fibo 61.8% of 1.1961/1.1717) and 1.1900 (Fibo 76.4%).
Sustained break above 1.1900 would open way for full retracement of 1.1961/1.1717 downleg.
Daily cloud top should ideally keep the downside protected, however, deeper corrective attempts are expected to hold above 1.1800 handle (broken 100SMA) to keep bulls in play.
Res: 1.1848, 1.1867, 1.1900, 1.1940
Sup: 1.1823, 1.1800, 1.1786, 1.1762
