The Euro edged higher and maintains slight positive tone despite overnight’s opening with gap-lower after dollar was bought as safe-haven in reaction the most recent comments from President Trump about trade conflict with China.
Near-term action is underpinned by long-tailed bullish candle of Friday, which was left after strong downside rejection post US jobs data.
Fresh recovery attempts eye pivotal barrier at 1.1206 (Friday’s high/broken Fibo 38.2% of 1.1111/1.1264), with sustained break higher needed to confirm reversal and shift near-term focus higher.
On the other side, violation of pivotal support at 1.1170 (low of today/last Thu/cracked Fibo 61.8% of 1.1111/1.1264) would generate negative signal and risk attack at key support at 1.1111 (26 Apr low).
Larger picture shows bears still in control, with important barriers at 1.1225/27 (converged falling 20/30SMA) maintaining pressure.
Res: 1.1206, 1.1227, 1.1264, 1.1272
Sup: 1.1170, 1.1134, 1.1111, 1.1075
