The Euro continues to tick higher on profit-taking action from fresh low at 1.0492 (22 Feb), but upside remains limited, as indicated by long upper shadows of daily candles of past two days.
Also, converged 10/55SMA’s on daily chart (currently at 1.0590) are still acting as strong resistance, as the pair failed to close above in past three days, despite the price spiking to 1.0620/30 zone (next barrier that marks Fibo 38.2% of 1.0827/1.0492 descend.
Overall bearish daily studies so far offset bullish signal on daily cloud twist, with upticks expected to stay capped under falling 20SMA (1.0639).
Speech of US President Donald Trump is in focus and would likely give stronger direction signals.
Pivotal barriers lay at 1.0639 (20SMA) and 1.0678 (16 Feb lower top), break of which will be bullish, while first downside trigger lies at 1.0550 (yesterday’s low) guarding 1.0492 pivot, loss of which will be bearish.
Res: 1.0590, 1.0620, 1.0639, 1.0678
Sup: 1.0568, 1.0550, 1.0520, 1.0492
