The Euro remains constructive in early Monday’s trading following strong advance in past two weeks, but bulls are facing headwinds from pivotal barrier at 1.0767 (50% retracement of 1.1184/1.0349/falling 55DMA).
Weaker dollar continues to underpin the single currency, along with bullish daily techs (rising positive momentum/multiple bull-crosses formed by 5/10/20/30 DMA’s), but bulls need a breakthrough 1.0767 to signal an extension of near-term recovery towards next strong barriers at 1.0865/78 (Fibo 61.8% of 1.1184/1.0349 / base of falling and thickening daily Ichimoku cloud).
Solid supports at 1.0668/1.0647 (broken Fibo 38.2%/rising 10DMA) should keep the downside protected to maintain near-term bullish bias.
Res: 1.0767; 1.0800; 1.0865; 1.0878.
Sup: 1.0725; 1.0668; 1.0647; 1.0607.
