The Euro accelerates higher in early European trading, after holding within narrow range in Asia nd consolidating Monday’s strong rally.
Fresh strength probes above 1.2460 barrier (Fibo 76.4% of 1.2555/1.2154 / 20-d upper Bollinger band) where yesterday’s rally was capped.
Bulls eye psychological 1.2500 barrier, ahead of 1.2537 (25 Jan high) and could challenge key resistance at 1.2555 (16 Feb high, the highest since mid-Dec 2014) in extension.
Fresh risk sentiment on easing fears about global trade war and bullish daily techs keep the single currency supported, however, overbought slow stochastic signals bulls may hesitate on approach to next targets.
Broken Fibo 61.8% barrier at 1.2402 is expected to keep the downside protected and guard key support at 1.2370 (top of thick daily cloud).
Res: 1.2500, 1.2522, 1.2538, 1.2555
Sup: 1.2446, 1.2412, 1.2402, 1.2370
