The Euro is holding above strong 1.23 zone supports (rising 55SMA / daily cloud top) in early Friday’s trading, following strong upside rejection on probe above trendline resistance (currently at 1.2355).
The price may hold in extended narrow consolidation between pivots provided by 55SMA and trendline resistance, as techs on daily chart are in neutral setup.
Firmer direction signals could be expected on sustained break of either side. Close above the trendline would be bullish signal for extension towards targets at 1.2412 (14 Mar high) and 1.2446 (08 Mar high), while firm break below 55SMA would expose double-bottom at 1.2240, which marks strong support, break of which would spark stronger bearish acceleration and expose daily cloud base at 1.2136.
Res: 1.2355. 1.2388. 1.2412. 1.2446
Sup: 1.2300. 1.2240, 1.2172. 1.2136
