The Euro is slightly higher in early Friday’s trading after yesterday’ s Doji signaled that sharp fall of past two days might be running out of steam.
Brief recovery attempts (the pair was up around 30 pips from Asian low at 1.2290) so far hold below a cluster of converged MA’s (between 1.2325 and 1.2340), break of which would generate bullish signal for stronger retracement of 1.2476/1.2283 bear-leg.
Bullish scenario above MA barriers would open targets at 1.2357 and 1.2402 (Fibo 38.2% and 61.8% of 1.2476/1.2283 respectively), ahead of key barrier at 1.2377 (daily cloud top).
Little bullish signals were seen so far as daily RSI and 14-d momentum hold in sideways mode in neutrality zone.
Quiet trading could be expected today due to thin holiday conditions.
Res: 1.2325; 1.2340; 1.2357; 1.2402
Sup: 1.2290; 1.2260; 1.2241; 1.2200
