The Euro is holding between 10 and 20SMA’s (1.1174/1.1203 respectively) after upside attempts were repeatedly capped by 20SMA).
Overall picture remains bullishly aligned and sees scope for fresh upside on sustained break above 20SMA that would open way for extension towards $1.1228.
On the other side, weaker near–term tone could be expected on break below 10SMA support (also Fibo 38.2% of 1.1118/1.1208 upleg) which would expose supports at 1.1263/53 (Fibo 50% and 61.8% retracement of 1.1118/1.1208).
However, overall bullish tone is expected to remain in play while key near-term supports at 1.1118/09 stay intact.
ECB President Mario Draghi’s speech, due on Tuesday is in focus for fresh signals.
Res: 1.1187, 1.1200, 1.1208, 1.1212
Sup: 1.1174, 1.1163, 1.1153, 1.1140
