The Euro traded within 30-pips range in Asia on Thursday after failing to close above cracked 1.2376 pivot (Fibo 61.8% of 1.2476/1.2215 bear-leg) on Wednesday.
Four-day rally was rejected on approach to psychological 1.2400 barrier and the pair moved lower as immediate threats on US attack at Syria eased.
Narrow consolidation holds for now above immediate support at 1.2339 (55SMA) which guards key support at 1.2327 (daily cloud top).
The single currency holds bid after comments of ECB Nowotny earlier this week that the central bank would end its bond-buying program by the end of the year and open way for start of raising interest rates.
On the other side, daily techs signal possible stall of recovery rally from 1.2215, as overbought slow stochastic is reversing and 14-d momentum is at the centerline, in attempts to break into negative territory.
Geopolitical tensions could drive the Euro higher if situation in Syria escalates. Close above 1.2376 Fibo barrier would generate initial bullish signal for renewed attempts through 1.2400 and possible extension towards key n/t barrier at 1.2476 (27 Mar high).
Negative scenario would require close below daily cloud top (1.2327) to generate reversal signal and shift near-term focus lower.
Res: 1.2376, 1.2400, 1.2421, 1.2446
Sup: 1.2353, 1.2339, 1.2327, 1.2310
