The Euro remains firm tone on Monday and extends last Friday’s rally which resulted in eventual close above bear-trendline off 1.2555 high.
Fresh bulls probe above last week’s high at 1.2388 and look for test of next pivots at 1.2402/12 (Fibo 61.8% of 1.2555/1.2154 pullback / 14 Mar lower top), to generate fresh bullish signal on break.
Rising top of thick daily cloud continues to underpin recovery, along with daily MA’s in full bullish setup.
Lack of momentum could be limiting factor for bulls, as 14-d momentum is probing into negative territory, however, dip-buying strategy will remain favored while the price holds above cloud top / broken bear-trendline (1.2336).
Res: 1.2355, 1.2388, 1.2412, 1.2446
Sup: 1.2300, 1.2240, 1.2172, 1.2136
