The Euro continues to trade within narrow range on Wednesday, holding above pivotal support at 1.1320 (Fibo 38.2% of 1.1118/1.1445 reinforced by rising 10SMA), while the upside is capped by descending hourly cloud (1.1368) which weighs on near-term action.
Daily Ichimoku studies are in firm bullish setup while slow stochastic is heading lower and shows room for further extension of pullback from 1.1445 peak.
Corrective action should be ideally contained above 1.1320 support to keep bulls intact, however, violation of 1.1320 pivot would trigger extension towards next key supports at 1.1250/43 (rising 20SMA/Fibo 61.8% of 1.1118/1.1445).
Conversely, break above the upper pivot at 1.1400 would signal and end of corrective phase.
Another scenario of extended sideways mode until Friday, when US jobs data would generate stronger signal, is also in play.
Res: 1.1376, 1.1400, 1.1426, 1.1445
Sup: 1.1336, 1.1320, 1.1300, 1.1243
