The Euro extended recovery from last Friday in Asia but probes above 1.1200 barrier were so far limited.
Last Friday’s rally formed bullish inside day pattern, suggesting corrective pullback from 1.1295 may be over. Rising 55SMA and 100/200SMA bull-cross formed on daily chart continue to under pin broader bulls.
On the other side, 10/20SMA bear-cross is forming at 1.1210 and along with daily Tenkan-sen, capping near-term recovery attempts from last week’s correction low at 1.1132.
Mixed near-term technical studies and south-heading d e to under pin broader bulls. aily indicators see risk of extended consolidation within initial range of 1.1132/1.1210 on repeated close below 20SMA.
Stronger signals could be expected on break above 1.1210 (10/20SMA) which would re-expose key barrier at 1.1300, or slide below 1.1121/09 (Fibo 38.2% of 1.0839/1.1295 upleg/30 May low) which would risk deeper pullback. Very light calendar on Monday suggests the pair will be driven mainly by technicals.
Res: 1.1210, 1.1268, 1.1295, 1.1327
Sup: 1.1185, 1.1132, 1.1121, 1.1109
