The Euro stays directionless and holding within 1.0850/1.0950 range for more than one week. Several upside attempts were capped at 1.0950 which now acts as strong resistance.
Near-term action was supported by 200SMA, with freshly formed 10/200SMA Golden Cross, underpinning overall bullish structure.
Daily studies are giving mixed signals, as MA’s and Momentum studies are in firm bullish setup, while slow stochastic continues to move lower after reversing from overbought territory.
The pair is looking for stronger signal to establish in fresh direction on break of either side of the range. Firm break above 1.0950 pivot is expected to trigger fresh acceleration towards 1.1000+ zone, while loss of lower pivots at 1.0850/00 zone would generate bearish signal. Today’s Manufacturing PMI data from the Eurozone and tomorrow’s release of FOMC policy meeting are closely watched for stronger signals.
Res: 1.0950, 1.1000, 1.1033, 1.1067
Sup: 1.0893, 1.0850, 1.0833, 1.0804
