The Euro is holding within narrow consolidation under fresh high at 1.1285, as traders are awaiting signals from ECB on Thursday.
Overall bullish structure remains intact, underpinned by rising 10SMA (1.1219) and eyes immediate targets at 1.1299 (09 Nov post-US election high) and 1.1313 (Fibo 76.4% of 1.1614/1.0340 descend).
Extended directionless trading is expected ahead of ECB, with shallow dips to be contained above 10SMA/daily Tenkan-sen (1.1219/1.1197), as the pair so far ignores overbought conditions.
Near-term direction will depend from the ECB’s decisions on Thursday’s meeting. Markets are expecting more hawkish tone to further boost the single currency for 1.1300+ gains.
On the other side, softer tone from the central bank would disappoint traders and likely spark fresh weakness.
Loss of 1.1200 handle would generate initial bearish signal and risk extension towards key 1.1109 support (30 May trough).
Res: 1.1277, 1.1285, 1.1313, 1.1366
Sup: 1.1236, 1.1219, 1.1197, 1.1164
