The Euro is holding in the upper side of seven-day 1.0850/1.0950 congestion in early Wednesday, following Tuesday’s bullish close. Bullish near-term technicals keep focus at the upside, as multiple bullish crosses of daily MA’s (the latest were 10/200 and 20/30) and north-heading 10SMA/thick 4-hr cloud (1.0858/1.0775) continue to underpin.
Eventual break above 1.0950 trigger would open psychological 1.1000 barrier (also 50% of larger 1.1614/1.0339 descend) and Fibo 138.2% projection at 1.1033.
Lows of Mon/Tue at 1.0885 offer initial support, followed by rising 10SMA (currently at 1.0864) and range floor at 1.0850, loss of which would weaken near-term structure and risk test of next pivots at 1.0832 (200SMA) and 1.0804 (Fibo 38.2% of 1.0568/1.0950 upleg). Markets are awaiting the Fed’s policy statement, due later today, for more clues about interest rate outlook which would give stronger direction signals for the pair..
Res: 1.0950, 1.1000, 1.1033, 1.1067
Sup: 1.0914, 1.0885, 1.0864, 1.0850
