The Euro is consolidating under Monday’s fresh high at 1.0905 (the highest traded since 11 Nov 2016), posted on Monday.
Bullish acceleration after Monday’s gap-higher opening, cracked strong 200SMA barrier (1.0877), but failed to close above it, suggesting prolonged consolidation, before bulls resume.
Daily technicals maintain strong bullish momentum for further upside.
Sustained break above 200SMA would open next pivot at 1.0931 (Fibo 61.8% of 1.1298/1.0339), break of which would attract psychological 1.1000 barrier.
Rising hourly cloud continues to underpin, with solid support at 1.0821 (Monday’s low, reinforced by weekly Kijun-sen), expected to contain consolidation and keep yesterday’s gap unfilled.
Conversely, signals of deeper correction could be expected on loss of 1.0821 handle, with extension below 1.0760 (Friday’s close) to confirm scenario.
Res: 1.0877, 1.0905, 1.0931, 1.1000
Sup: 1.0847, 1.0821, 1.0800, 1.0759
