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EURUSD – Bulls Eye Key Fibo/Cloud Top Barriers At 1.0818/24, Fed In Focus Too

The Euro peaked above 1.0800 barrier on yesterday’s strong rally and hit the highest levels since early Dec. Eventual close above former top at 1.0773 was bullish signal for final stretch towards next layers of strong resistances at 1.0818/24 (50% retracement of 1.1298/1.0339/daily Ichimoku cloud top). Sustained break here is needed to reinforce bullish stance for extension of bull-leg from 1.0339 (03 Jan low) towards 1.0872 (08 Dec high), possibly to 1.0931 (Fibo 61.8% of 1.1298/1.0339). Falling 100SMA capped rally for now (currently at 1.0796), but overall bullish setup of daily studies remains supportive for further upside. Corrective dips on overbought near-term studies should be ideally contained above rising daily Tenkan-sen (currently at 1.0715) also 50% of 1.0618/1.0810, 30/31 Jan upleg). Firm break below 1.0700 zone would weaken the structure and increase downside risk. Fed policy meeting results are in focus today.

Res: 1.0810, 1.0824, 1.0872, 1.0900
Sup: 1.0773, 1.0737, 1.0715, 1.0690

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