The Euro trades in an extended directionless, narrow-range mode, but underlying bullish structure remains intact, as bulls broke and holding above pivotal Fibo barrier at 1.0578 (38.2% of 1.2266/0.9535) for the third consecutive week that maintains positive tone.
Daily and weekly studies are bullish and support the action, as the pair is also on track for the third consecutive strong monthly rally, although monthly studies are mixed.
Positive bias is expected above 1.0578 Fibo level (reinforced by 20DMA) but the action needs to penetrate into falling weekly cloud (base of the cloud lays at 1.0745) to open way towards targets at 1.0901/1.1000 (50% retracement of 1.2266/0.9535 / psychological).
Conversely, loss of 1.0578 handle, where a daily higher base is also forming, would weaken near-term structure and keep the downside vulnerable of deeper pullback.
Rising 30DMA (1.0512) offers next support, guarding more significant point at 1.0325 (200DMA).
Res:Â 1.0674;Â 1.0745; 1.0786; 1.0901.
Sup:Â 1.0578; 1.0512; 1.0473; 1.0443.
