The Euro remains constructive and returns above 10DMA (1.0947) in early US session, but continues to move within 1.1000/1.0910 congestion, which extends into third straight day.
Eurozone March inflation report showed persistently high underlying inflation which adds to expectations of more than one ECB rate hike in coming months and offers support to the single currency.
Renewed risk appetite started to fade and weigh on recovery attempts, along with weakening positive momentum on daily chart, although overall bullish structure is expected to remain intact while the price stays above 20DMA (1.0902), but sustained break above psychological 1.10 barrier needed to shift focus to the upside.
Caution on break of 20DMA, with stronger bearish signal expected on break below pivotal Fibo support at 1.0862 (38.2% of 1.0516/1.1075).
Res: 1.1000; 1.1041; 1.1075; 1.1100.
Sup: 1.0902; 1.0862; 1.0831; 1.0796.
 in early US session, but continues to move within 1.1000/1.0910 congestion, which extends into third straight day.){kind=link}