The Euro pauses after Monday’s surge to fresh 5 ½ month high at 1.0916, consolidating around the mid-point of Monday’s 1.0819/1.0916 range. Monday’s close above 200SMA is bullish signal, along with long-tailed daily candle, formed on strong downside rejection at 1.0819 (weekly Kijun-sen).
Dip-buying scenario for fresh upside attempts will remain favored while the price holds above 200SMA.
Daily Tenkan-sen / Kijun-sen cross, formed after yesterday’s rally, underpins.
Near-term focus is on 1.0916 high and weekly 55SMA at 1.0934, break of which would expose psychological 1.1000 barrier, also weekly 100SMA.
Further bullish acceleration may extend towards weekly cloud base at 1.1067.
Negative scenario requires break below 1.0835/19 (200SMA / weekly Kijun-sen) to signal stronger downside action.
Res: 1.0887, 1.0916, 1.0934, 1.1000
Sup: 1.0849, 1.0836, 1.0819, 1.0777
