The Euro holds at familiar levels and trading around the mid-point of past two days range (1.1320/71) in early European trading on Friday. Double-Doji on Wed/Thu signals strong indecision as recovery attempts repeatedly failed to close above pivotal Fibo barrier at 1.1341 (38.2% of 1.1514/1.1234) following short-lived spikes to 1.1370 zone. Daily momentum heads north and created bulls-cross with its 7d MA and 10SMA is reversing higher that marks supportive factors. On the other side, falling 20SMA (1.1360) resisted attacks for now and marks initial barrier, followed by plethora of daily MA’s (30/55/100 SMA) at 1.1368/94 zone that maintain pressure. German Ifo and EU CPI data are in focus for fresh signals on surprise (Ifo 99.0 f/c vs 99.1 prev/CPI Jan 1.4% f/c vs 1.4% prev). Initial bullish signal could be expected on sustained break above 20SMA, but scenario needs confirmation on lift above 1.1394/1.1407 (100SMA / Fibo 61.8% of 1.1514/1.1234). Rising 5SMA offers immediate support at 1.1333, but stronger bearish signal could be expected on firm break below 10SMA (1.1311).
Res: 1.1360,1.1374,1.1382,1.1394
Sup: 1.1341,1.1333,1.1311,1.1275
