The Euro is holding within tight range in early Monday’s trading, after strong rally on Friday, driven by weak US inflation numbers. Friday’s rally returned and closed above daily Tenkan-sen (reverted to initial support at 1.1800), bringing daily technicals back to full bullish setup and suggesting further advance. Bullish and long-tailed weekly candle is seen as another bullish signal. Break above Friday’s high at 1.1848 is needed to unlock next strong barrier at 1.1910 (top of broader uptrend, posted on 02 Aug) and re-expose psychological 1.2000 barrier. Daily Tenkan-sen is expected to ideally hold, while break lower would soften near-term structure and risk retest of next pivotal support at 1.1748 (Friday’s low.
Res: 1.1846, 1.1889, 1.1910, 1.1950
Sup: 1.1800, 1.1748, 1.1732, 1.1689
