The Euro is holding above a cluster of good supports which lay between 1.0628 and 1.0614, consisting of 10/100SMA’s and daily cloud top and underpinning near-term action. Monday’s break above 10SMA and acceleration to 1.0669 was bullish signal, however, the rally failed to close above 55SMA (1.0657) and confirm bullish continuation. Bullishly aligned near-term studies are supportive for renewed attempts higher and attack at key barriers at 1.0676 (12/13 Apr double recovery rejection) and 1.0700 (Fibo 38.2% of 1.0905/1.0568 descend) break of which would signal fresh extension of recovery phase from 1.0568 (10 Apr low). Caution on probes below 10/100SMA’s which may soften near-term structure, as daily technicals are in mixed mode and show no clear direction for now.
Res: 1.0651, 1.0669, 1.0676, 1.0700
Sup: 1.0628, 1.0614, 1.0601, 1.0583
