Firmer tone in European session after quiet trading in Asia resulted in fresh probe above 1.1700 handle, following multiple failure to close above here.
Upticks in past few sessions were capped just under 1.1733 (28 Aug high), leaving several daily candles with long upper shadows which confirms the strength of resistance zone.
Daily techs remain bullish as broken 100SMA holds dips and north-heading momentum supports the advance.
Also, weaker dollar on lower than expected tariffs the US and China imposed to each other and concerns that NAFTA talks between the US and Canada would result in no agreement this week, keeps the single currency supported.
Bulls need clear break above recent congestion and 1.1733 to signal continuation and expose next pivot at 1.1780 (Fibo 38.2% of 1.2555/1.1300 descend).
Broken 100SMA offers initial support at 1.1663, with deeper dips expected to find ground above 1.1641 (converged 10/20SMA’s) and maintain bullish bias.
Res: 1.1724, 1.1733, 1.1750, 1.1780
Sup: 1.1663, 1.1641, 1.1616, 1.1578
