The Euro is heading towards key near-term barriers at 1.0800 zone after yesterday’s pullback was contained at 1.0733 (near 38.2% of 1.0618/1.0810 upleg).
The pair received fresh boost from less hawkish than expected Fed yesterday and managed to recover most of 1.0806/1.0733 pullback. With bullish daily studies being unaffected from yesterday’s dip, focus remains at the upside as fresh acceleration higher is probing again falling 100SMA (currently at 1.0791), which lies just ahead of pivotal barriers at 1.0806/10 double top (highs of past two days) and 1.0824 (daily cloud top).
Sustained break here is needed to trigger fresh acceleration higher that would look for psychological 1.1000 barrier, also 200SMA. Strong near-term bullish sentiment supports scenario for now, as trader eye tomorrow’s US jobs data.
Thick hourly cloud underpins near-term action (cloud top is currently at 1.0768 and marks initial support), with lower pivot at 1.0715 (hourly cloud base/daily Tenkan-sen).
Res: 1.0810, 1.0824, 1.0872, 1.0931
Sup: 1.0768, 1.0733, 1.0715, 1.0683
