The Euro ticked higher in Asia and posted new high at 1.1177 where gains were so far capped by falling 10SMA, but near-term outlook remains positive following strong rally on Wednesday. Bounce from correction low at 1.1118, generates initial signal of base formation. Broader bull-trend remains intact and supports scenario of further upside which needs to clear strong barriers provided by 10SMA (1.1177) and 20SMA (1.1201) to confirm reversal and higher low at 1.1118. Slow stochastic is reversing from oversold territory on daily chart and supports the notion. Meantime, dips should hold above 1.1152 (hourly Kijun-sen) to keep bullish near-term structure intact. Alternatively, return below thick hourly cloud (cloud base lies at 1.1140) would generate bearish signal and re-expose downside pivots at 1.1121/09.
Res: 1.1165, 1.1177, 1.1201, 1.1228
Sup: 1.1152, 1.1140, 1.1121, 1.1109
