The Euro gained enough momentum to dash through the 55– and 100-hour SMAs and a short-term channel down early on Monday. The pair surged 63 pips within a couple of hours and halted shortly before the weekly R1 near 1.24.
Taking into account bullish technical indicators, the Euro might continue edging higher for the eighth consecutive session. This surge, however, is likely to be limited by the weekly R1 or the senior channel near 1.24.
Subsequently, the pair should edge lower down to the combined support of the 55– and 100-hour SMAs, the 23.60% Fibonacci retracement and the junior channel near 1.2350.
This session is full of fundamentals from the US which might introduce some volatility in the market and therefore widen the forecasted trading range.
