The Euro remains firm on Friday and extends recovery from 1.2165 (Fibo support / Thursday’s low) where corrective dip off 1.2323 peak found support.

The single currency was boosted by fresh weakness of the dollar, pressured by fears about potential shutdown of the US government, as lawmakers failed to reach an agreement on a federal budget.

Fresh near-term bullish sentiment is building up and turning focus towards 1.2323 (17 Jan peak).

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Full retracement of shallow correction from 1.2323 to 1.2165 would signal continuation of broader uptrend and expose projected targets at 1.2383 (Fibo 138.2%) and (1.2420 (Fibo 161.8%).

Hourly Tenkan-sen marks initial support at 1.2255, followed by top of hourly Ichimoku cloud (1.2244) and hourly trough (1.2219), which is expected to hold corrective dips and keep fresh near-term bulls intact.

Key near-term support lies at 1.2165 and break here will be bearish.

Res: 1.2288, 1.2296, 1.2323, 1.2383
Sup: 1.2244, 1.2219, 1.2200, 1.2165

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