Extension above 1.11 eyes key Fibo barrier at 1.1166

The Euro broke above 1.11 barrier, in extension of strong four-day rally and hit new two-month high at 1.1138 on Friday.
Weak dollar and fresh optimism that post-pandemic recovery will pick up, continue to boost risk mode and push single currency higher.
Mixed data from Eurozone members (French consumer spending fell well below expectations but Q1 GDP showed less than anticipated drop; Italian economy contracted more than feared, while EU inflation rose 0.1% in May, down from 0.3% in Apr, in line with expectations) made no impact on the single currency.
The pair is up 2.15% since Tuesday and on track for the biggest weekly gains since the third week of March.
Strong bullish signals were generated on Thursday’s break and close above 200DMA (1.1010) and daily cloud top (1.1065) and today’s penetration of weekly cloud (spanned between 1.1087 and 1.1224).
Bulls pressure pivotal barriers at 1.1147 (27 Mar high) and 1.1166 (Fibo 61.8% of 1.1494/1.0635), with break here to further accelerate gains.
Rising bullish momentum and multiple MA’s bull-crosses ( the last one formed was 5/200DMA golden-cross) underpin the action, but overbought conditions on daily chart warn that bulls may pause for consolidation before resuming.
Also, end-of week profit-taking may slow the rally, with daily cloud base (now reverted to support) to ideally contain dips, which are expected to offer better opportunities to re-join bullish market.
Broken 200DMA marks key support and extension below here would sideline bulls.

Res: 1.1147; 1.1166; 1.1200; 1.1236
Sup: 1.1100; 1.1065; 1.1010; 1.0963