The strong support of the 200-hour SMA allowed the the Euro bulls to grow stronger during the second part of Friday.
Even though this up-move was not very significant, the pair did manage to breach its nearest resistance formed by the 23.60% Fibonacci retracement and a downward-sloping trend-line at 1.2360.
The Asian session showed no changes to the overall price level, as further advance is restricted by the weekly R1 at 1.2380.
Given that the prevailing trend-line was breached to the upside, it is likely that the Euro continues to appreciate against the US Dollar during the following session. This scenario is likewise supported by technical indicators. Gains could be capped near the monthly R1 and a channel line near the 1.2435 mark.
