The Euro jumped after testing 1.08 zone support (Monday’s low/5DMA) earlier this morning) in attempts to extend recovery attempts after false break below pivotal supports at 1.0768 (6 Apr low) and 1.0754 (Fibo 76.4% of 1.0635/1.1147) where bears were trapped.
Fresh advance which goes against larger downtrend and is boosted by renewed risk sentiment over relaxing coronavirus restrictions, is testing falling 10DMA (1.0842) and eyes more significant barriers at 1.0867/71 (converged falling 20/30DMA’s/bear-trendline off 1.1147 high) and 1.0887 (Fibo 38.2% of 1.1147/1.0727).
Only firm break here would sideline immediate downside threats and open way for stronger recovery. Caution on failure at this zone as that would signal bears positioning for fresh push lower.
Res: 1.0860, 1.0871, 1.0887, 1.0937
Sup: 1.0831, 1.0809, 1.0768, 1.0756
